Porsche has booked an operating profit of EUR600m for the first nine months of its fiscal year ending 31 July next but lost EUR700m after tax due to costs associated with Volkswagen.

“The group continues to report a two-digit return on sales,” the automaker said, announcing revenue up 11.8% year on year to EUR5.2bn. The group sold 53,605 vehicles, down 30 year on year.

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Porsch said the revenue rise despite flat unit sales was due mainly to the new Panamera model line, launched with its most powerful engine options.

The contribution from the Volkswagen group, in which Porsche SE holds a 32.2% share following a capital increase by Volkswagen AG and unchanged 50.7% was included in the result, Unit sales totalled 5,004,745 vehicles, revenue was EUR82.6bn and operating profit EUR1.5bn.

However, Porsche SE reported a post-tax loss of EUR700m for the nine months, saying it was “a better figure than expected”.

“This result also includes all non-recurring effects brought about by the structural changes, as well as the effect of the capital increase at Volkswagen in which Porsche SE did not participate,” the automaker noted.

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Last year’s net profit was EUR4.2bn.

In Europe, Porsche sales fell 5.1% to 18,607 units. In North America, sales fell 17.8% to 15,592 but rose 28.9% to 19,406 units in other markets, China in particular. Unit sales for the full fiscal year are still expected to exceed last year’s tally of 75,238.

The company built 60,043 vehicles in nine months, up 0.7%.

Porsche added it “anticipates a negative overall result at the end of the fiscal year of under EUR1bn and therefore an improvement on forecasts made at the time the six month report was published”.