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Volkswagen's Porsche brand aims for flat profits in 2013

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(Globalpost/GlobalPost)

STUTTGART, Germany (Reuters) - Volkswagen's <VOWG_p.DE> sports car brand Porsche is aiming to match last year's profits in 2013, the company said on Friday.

In 2012 Porsche posted an operating profit of 2.44 billion euros (2.09 billion pounds).

Porsche said net debt dropped to 1.87 billion euros at the end of December from 2.58 billion at the end of 2011.

Porsche's sister brand Audi, by comparison, is the only cash positive unit within the Volkswagen group. The Ingolstadt-based premium carmaker said on Tuesday it had net reserves of 13.4 billion at the end of last year.

That was roughly 3 billion euros more than the overall group.

(Reporting By Hendrik Sackmann, writing by Christiaan Hetzner)

http://www.globalpost.com/dispatch/news/thomson-reuters/130315/volkswagens-porsche-brand-aims-flat-profits-2013