Porsche Automobil Holding SE said Monday it swung to a €155 million ($205.3 million) net profit in the first three months of its fiscal year after suffering a €431 million loss a year earlier, and reiterated that full-year earnings are expected to be positive in 2011.

The German auto maker said, however, that last year's figures include the full consolidated earnings from Volkswagen AG and Porsche Zwischenholding GmbH, which makes a direct comparison difficult. Porsche's fiscal year started on Aug. 1.

In the August-to-October period, sales for the new-generation Porsche Cayenne SUV more than doubled year-on-year to 10,292 vehicles, marking the latest sign of a quick recovery in demand for luxury vehicles after a market slump last year.

An updated version of Porsche's Cayenne was launched in May. Porsche's new four-door Panamera coupe accounted for 5,778 sales in the first three months of the company's fiscal year, up 94% compared with the same period last year.

Porsche's 911 model posted a 20% sales rise to 3,130 cars, compared with an 18% increase to 2,018 vehicles for the company's Boxster model line. The Boxster roadster accounted for 1,089 vehicles and the Cayman version for 929 cars.

Porsche's sports-car division also confirmed Monday it will add a small sports utility vehicle to its line-up as part of a broader effort to encourage sales in coming years. "The "Cajun" will attract new and even younger customers to the premium brand along with the Boxster," the company said.

Porsche's sports-car unit is due to be integrated into Volkswagen as the company's 10th brand as part of a complex merger. Volkswagen last year acquired a 49.9% stake in Porsche's highly profitable operating business and has a call option to buy the remaining stake at a later stage.

Porsche initially tried to take over its much larger German peer, but the bold attempt collapsed last year when credit markets tightened and Porsche's debt ballooned. Porsche eventually agreed to a merger under Volkswagen's leadership.

Separately, Volkswagen said that Porsche's executive board member for research and development, Wolfgang Dürheimer, will succeed Franz-Josef Paefgen as chief executive of VW's Bentley and Bugatti luxury brands as of Feb. 1, 2011. Mr. Paefgen is set to retire.

Volkswagen's head of power-train development, Wolfgang Hatz, will take over responsibility for Porsche's research and development in addition to his current job.

Mr. Dürheimer "represents the outstanding technical competence of Porsche. He will be contributing his knowledge and experience to the further development of the Bentley and Bugatti brands," said Martin Winterkorn, the CEO of both Porsche Holding and Volkswagen.

All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com.