EARNINGS : Porsche Reports Sales Rebound
<i> From Times Wire Services</i>
STUTTGART, West Germany —
Leaner and meaner, West German sports car maker Porsche is roaring back toward the top-speed sales it enjoyed before the 1987 stock market crash.
Porsche AG said today that its earnings improved in the 1989-90 financial year, aided by cost-cutting measures and higher sales of its most expensive models.
The company will not issue earnings figures until later this year, but a West German auto magazine estimated that Porsche’s profits last year rose to $51.3 million.
Porsche said today its group sales, including parts and engineering work for other firms, rose 20.5% to $2 billion in the year that ended July 31.
Car sales in the West German market rose 26.2% to $604 million. Sales in other countries rose 18.2% to $1.3 billion.
