Porsche chief executive Wendelin Wiedeking has said that profits this year should be better than might be expected.

"The net result will be as forecast but our shareholders will once again be happy all round," he told a conference.

According to a German press agency, there is speculation Porsche's results for fiscal 2007/8 (year ending 31 July 2008)will show profits higher than its turnover due to its Volkswagen shareholding.

In fiscal 2006/7, Porsche reported pre-tax profit of EUR5.85bn. Net profit was EUR4.24bn and turnover around EUR7.4bn.

Wiedeking said Porsche hopes to raise its VW stake to more than 50% by the end of the year.

He reiterated that Porsche was protecting Volkswagen from a hostile takeover.

"VW was in big danger of being taken over by a hedge fund. We know that."

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