Bumper Q2 profit at BMW
By Geir Moulson |
August 4, 2010, Wednesday
|
Print Edition
Print Edition
SECOND-QUARTER earnings at luxury car maker BMW AG surged to 834 million euros (US$1.1 billion) as better prices and robust demand in China helped drive a strong rise in revenues, the company said yesterday.
The company's April-June profit was above market expectations and up from 121 million euros a year earlier, while revenues climbed 18.3 percent to 15.35 billion euros from 12.97 billion euros.
Citing a recovery in global markets and strong demand for new models, BMW already had raised its 2010 sales and earnings forecasts last month. The company underlined those expectations yesterday.
"We are aiming to achieve significantly higher group earnings in 2010 than in 2009," CEO Norbert Reithofer said.
The company's April-June profit was above market expectations and up from 121 million euros a year earlier, while revenues climbed 18.3 percent to 15.35 billion euros from 12.97 billion euros.
Citing a recovery in global markets and strong demand for new models, BMW already had raised its 2010 sales and earnings forecasts last month. The company underlined those expectations yesterday.
"We are aiming to achieve significantly higher group earnings in 2010 than in 2009," CEO Norbert Reithofer said.
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