STUTTGART, Germany (AP) -- Porsche AG nearly doubled net profits in its latest fiscal year to a record 276.9 million marks ($166 million), and said sales continue to grow strongly.

The luxury sports car maker's sales surged 20 percent during the year ended Aug. 31 to 4.928 billion marks, also a record.The latest full-year net earnings were up from 139.4 million marks in 1997.

Paced by the Boxster and the 911 series, Porsche pushed up car deliveries to 36,686, some 13 percent more than in the previous fiscal year.

In North America, 26 percent more Porsches -- a total of 16,190 -- were sold than during the year before.

Growth continued in the first four months of the new fiscal year, with sales up a preliminary 34 percent compared to the same period last year, Porsche said.