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Luxury Sports Car Maker Reports Net Profit After Loss Last Year

November 9, 1995

FRANKFURT, Germany (AP) _ German luxury sports car maker Porsche on Thursday reported profits for its fiscal year ended July 31, rebounding from a loss in the same period a year ago.

The Stuttgart-based company earned 2.1 million marks ($1.5 million) for the year, compared to a loss of 150 million marks the previous year.

Porsche said its worldwide group consolidated sales rose 12 percent to 2.6 billion marks ($1.8 billion).

As expected, the company said it won’t pay a regular annual dividend for fiscal 1995, despite the swing to a profit. Porsche hasn’t paid a regular annual dividend since 1991.

The company also said that its chief financial officer, Walter Gnauert, 58, will leave Porsche effective Jan. 26, when the next shareholders meeting is planned. It cited unspecified personal reasons for the move.

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