By Leftlane Staff
Wednesday, Nov 16th, 2005 @ 2:15 pm

Porsche said profit rose an 11th consecutive year as sales reached a new record, helped by the revamped versions of sports cars including the 911 model. Net income in the year ended July 31 rose 13 percent to 779 million euros ($908 million) from a revised 690 million euros a year earlier, Stuttgart, Germany-based Porsche said today in a stock exchange filing. Chief Executive Wendelin Wiedeking introduced the new models last year to win buyers and reach a target of selling 100,000 vehicles annually as early as 2007. “The 911 remains the real earnings driver going forward,” said Mike Dean, an analyst at Credit Suisse First Boston, before the announcement. Porsche is expanding its lineup with a new sports car called the Cayman, based on the Boxster, as well as the four-door Panamera.

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