BMW hits top gear

3rd November 2004, Comments 0 comments

3 November 2004 , MUNICH - Luxury carmaker BMW has continued to outshine its rivals by remaining on course for its target of record profits for the year with the group announcing Wednesday a rise in third-quarter profit of 7.6 percent. The company's profit from ordinary activities increased to EUR 779 million over the third quarter in 2003, slightly under analysts' forecasts. Sales volume, revenues and earnings figures were BMW's highest ever for a third quarter, the company said. Net profit rose 7.6 perc

3 November 2004

MUNICH - Luxury carmaker BMW has continued to outshine its rivals by remaining on course for its target of record profits for the year with the group announcing  Wednesday a rise in third-quarter profit of 7.6 percent.

The company's profit from ordinary activities increased to EUR 779 million over the third quarter in 2003, slightly under analysts' forecasts.

Sales volume, revenues and earnings figures were BMW's highest ever for a third quarter, the company said.

Net profit rose 7.6 percent to EUR 479 million in the third quarter. On a nine-month basis, the profit from ordinary activities rose by 8.5 percent to EUR 2.7 billion.

Chief Executive Helmut Panke said BMW would report record sales and earnings this year.

"Bolstered by this strong third quarter performance, the BMW Group anticipates that the development achieved during the first nine months of 2004 will be sustained in the fourth quarter", he said in a statement.

"The BMW Group will report new high levels for sales volume, revenues and earnings for the full year 2004 and thus achieve its targets for the year."

BMW sold 296,310 cars during the quarter from July to September, 9.6 percent up from 270,439 in the same period last year.

Sales volume for the first nine months rose to 887,293 cars, up 8.8 percent on the 815,308 in the corresponding period of 2003.

DPA

Subject: German news 

 

0 Comments To This Article