BMW profits up in third quarter

3rd November 2011, Comments 0 comments

BMW, a leading maker of top-of-the-range cars, said Thursday strong sales enabled it to lift profits in the third quarter of this year.

BMW said in a statement its bottom-line net profit rose by 23.8 percent to 1.082 billion euros ($1.5 billion) on a 3.8-percent increase in sales to 16.547 billion euros.

"We continued to perform well in third quarter," boasted the group, which owns the BMW, Mini and Rolls-Royce brands.

"After a strong first-half year performance, business continued to prosper throughout the third quarter. Our sales volumes developed positively and in line with expectations, despite some dark clouds on the economic horizon. We also remained on track in terms of both revenues and earnings," it said.

In terms of vehicles sold, BMW said its unit sales increased by 9.0 percent to 399,218 in the period from July to September.

Sales of the BMW brand were up 8.2 percent, Mini sales grew by 13.4 percent and Rolls-Royce sales were up by 12.0 percent.

Looking ahead to the full year, BMW said it expected macroeconomic conditions "to remain generally stable for the remainder of 2011.

"Although the pace of growth on international car markets is currently showing signs of slackening, the BMW Group's performance will remain positively on track," it said.

Pre-tax profit was set to "improve significantly compared to the previous year, reflecting strong demand for our vehicles and services worldwide on the one hand and our favourable position in terms of selling prices on the other," it said.

© 2011 AFP

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