Porsche says China sales drive profits sharply higher

Strong demand from China, Germany and the United States drove first-quarter sales at German luxury car maker Porsche one-third higher, making it the German sector's most profitable company.

The Stuttgart-based company posted 3.0 billion euros ($3.9 billion) in sales during the first three months of the year, up 32 percent in an annual comparison, with operating profit rising 18 percent to 528 million euros.

Its operating margin amounted to 17.5 percent, down from 19.5 percent one year ago, while that of its German high-end rivals BMW, Audi and Mercedes hovered around 12 percent.

Sales of Porsche's iconic 911 sportscars soared nearly 40 percent to 8,417 units after it unveiled an updated model, while turnover for its Cayenne sport utility vehicle climbed 18 percent to 17,913 units.

However its smaller Boxter and Cayman models saw sales plunge by 63 percent to 1,469 units, with potential buyers holding out for the launch of new versions.