By The Associated Press

BERLIN - Porsche said Wednesday that its revenue declined by 12 per cent in the past financial year as the economic crisis hit the car market, but said it expects improving sales in the current year.

The sports car maker said revenue totalled C6.6 billion (nearly US$9.9 billion) in the 12 months that ended July 31. Unit sales declined by a sharper 24 per cent to 75,238 vehicles, it added.

The smaller drop in revenue resulted from the fact that higher-value 911 models accounted for a greater proportion of sales than previously, while sales of the more economical Boxster range dropped more sharply, Porsche said.

Porsche said its total car production declined by 27 per cent over the previous financial year to 76,739 vehicles.

The company said its management is "optimistic as to the development of the company" in the current financial year.

Porsche "expects a revival in sales," it said in a statement, adding that it "can count on an attractive range of products, including the new Panamera, in particular."

Stuttgart-based Porsche Automobil Holding SE reiterated in its full-year report that it had a pretax loss of C4.4 billion ($6.6 billion) because of costs related to its attempted takeover of Volkswagen AG. That compared with a pretax profit the previous year of C8.6 billion.

It also confirmed that it eked out a net profit of C8.23 million after drawing C1 billion from revenue reserves - allowing it to pay out a small dividend.

Porsche initially released those two figures on Nov. 12.

Porsche accumulated heavy debt in a failed attempt to take over larger auto maker Volkswagen, with which it is now slated to merge.