Porsche AG profit increases by 8.3%

Porsche AG, Europe’s most profitable carmaker, said full-year profit rose 8.3%, helped by the first full year of sales of the Cayenne sport-utility vehicle and currency hedging.

Net income in the 12 months ended July 31 rose to €612 million from €565 million a year earlier, Porsche said in a statement to the Frankfurt exchange.

Profit lagged the €642 million estimate of eight analysts surveyed by Bloomberg News.