Stuttgart  - German luxury automaker Porsche, which holds a controlling interest in Volkswagen, reported Wednesday lower-than- hoped sales for its own Porsche cars, sending shares in the group sharply lower.

Porsche preferred shares slid 8.6 per cent on the Frankfurt Stock Exchange to 69.27 euros (97.67 billion dollars).

A company spokesman in Stuttgart suggested Porsche would limit output.

"We are watching current developments on markets around the world very carefully," he said. "Porsche will stick to its strategy that it would sooner make one car less than add one to inventory."

Porsche Automobil Holding SE, the unit within the Dr. Ing. h. c. F. Porsche AG group that makes Porsche sports cars and sports utility vehicles, was issuing data for its financial year, which ended July 31.

It said it made 98,652 vehicles in the year, a record. However, that was a gain of just 1.2 per cent. Provisional revenues rose 1.3 per cent to 7.5 billion euros (10.7 billion dollars).

The company offered no forecast for the current year and said it would not disclose earnings till November. Investors who had hoped for better results reacted with disappointment to the announcement. (dpa)