Demand for 3-Series propels BMW profit
March 15, 2013, Friday
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Print Edition
Print Edition
BAYERISCHE Motoren Werke AG, the world's biggest maker of luxury cars, reported a 3.5 percent gain in 2012 profit as demand for the new 3-Series sedan in China and the US more than offset a market downturn in Europe.
Earnings before interest and taxes rose to 8.3 billion euros (US$10.7 billion) from 8.02 billion euros a year earlier, the Munich-based company said yesterday. The figure matched the 8.28 billion-euro average of 18 analyst estimates compiled by Bloomberg News. Sales jumped 12 percent to 76.8 billion euros.
The maker of BMW, Mini and Rolls-Royce brand vehicles is tapping rising demand in China and the US to shield the automaker from the impact of the sovereign-debt crisis on Europe's car market, which reached a 17-year low last year. BMW is also working to defend its No. 1 position in luxury car sales, which both Volkswagen AG's Audi and Daimler AG's Mercedes-Benz have vowed to seize by the end of the decade.
"We are again targeting further sales volume growth worldwide in 2013 and hence a new record level for deliveries," Chief Executive Norbert Reithofer said in the statement. "However, economic conditions are likely to remain challenging in many markets."
Earnings before interest and taxes rose to 8.3 billion euros (US$10.7 billion) from 8.02 billion euros a year earlier, the Munich-based company said yesterday. The figure matched the 8.28 billion-euro average of 18 analyst estimates compiled by Bloomberg News. Sales jumped 12 percent to 76.8 billion euros.
The maker of BMW, Mini and Rolls-Royce brand vehicles is tapping rising demand in China and the US to shield the automaker from the impact of the sovereign-debt crisis on Europe's car market, which reached a 17-year low last year. BMW is also working to defend its No. 1 position in luxury car sales, which both Volkswagen AG's Audi and Daimler AG's Mercedes-Benz have vowed to seize by the end of the decade.
"We are again targeting further sales volume growth worldwide in 2013 and hence a new record level for deliveries," Chief Executive Norbert Reithofer said in the statement. "However, economic conditions are likely to remain challenging in many markets."
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