BMW Group reports second-quarter jump in earnings
German carmaker BMW has reported a surge in profits, thanks to a recovery in global markets, demand from China and strong sales of new models. The firm made 834m euros (£692.8m; $1.1bn) between April and June, up from 121m euros a year earlier. Sales climbed by 18.3% to 15.35bn euros.
Quote from the article:
Read more on the full Quarter Results at link.
Source: BMW Group reports second-quarter jump in earnings
Quote from the article:
| Group revenues increased by 18.3% to euro 15,348 million (2009: euro 12,971 million) while the profit before financial result (EBIT) rose to euro 1,717 million (2009: euro 169 million). This corresponds to an EBIT margin of 11.2%. The profit before tax jumped to euro 1,299 million (2009: euro 151 million), with the profit after tax improving to euro 834 million (2009: euro 121 million). The number of vehicles sold during the period from April to June increased by 12.5% to 380,412 units (2009: 338,190 units). “Sharp sales volume growth on major markets and a high-value model mix are the main reasons for the strong second-quarter performance. We have also used the economic crisis as a source of opportunity and have improved efficiency significantly in all areas of the company“, stated Norbert Reithofer, Chairman of the Board of Management of BMW AG on Tuesday in Munich. “We have made good progress towards achieving our profitability targets for the year 2012. But we have no intention of resting on our laurels. We are determined to remain on track to make the company sustainably fit for the future”, he continued. Six-month revenues increased by 13.5% to euro 27,791 million (2009: euro 24,480 million). EBIT for the period amounted to euro 2,166 million (2009: euro 114 million) and the profit before tax was euro 1,807 million (2009: loss before tax of euro 47 million). The Group EBIT margin was therefore 7.8%. The profit after tax was euro 1,158 million (2009: loss of euro 31 million). The total number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers during the first six months of the year rose by 13.1% to 696,026 units (2009: 615,454 units). |
Read more on the full Quarter Results at link.
Source: BMW Group reports second-quarter jump in earnings
Related Stories
04/23/2010 12:21 PM: BMW Group aims for major increase in sales in China by DavidGPThe BMW Group is aiming for a larger increase in sales volumes in China this year than originally planned. “China is, and will remain, one of the most attractive automobile markets in the world. We ex...
04/06/2010 09:29 AM: SGL Group and BMW Group Announce New Carbon Fiber Plant to be Built in Moses Lake, WA by TimothyT
SGL Group and BMW Group jointly announced today at an event in Seattle that their joint venture, SGL Automotive Carbon Fibers LLC, will build a state-of-the-art carbon fiber manufacturing plant in Mos...
03/24/2010 11:28 PM: BMW Group Receives Major Order from Carbon Motors Corp. to Supply Diesel Engines for US Law Enforcement Vehicles by Whiplash
The BMW Group has received a major order from the American law enforcement vehicle manufacturer, Carbon Motors Corp., to supply more than 240,000 diesel engines. Ian Robertson, member of the Board of...
