The world's leading luxury carmaker, BMW, on
Tuesday posted a jump of more than 17 per cent in profit in the third
quarter, despite the signs of a deepening crisis in Europe's
automotive sector.
The Munich-based group said pre-tax earnings climbed to 1.99
billion euros (2.6 billion dollars) in the three months to the end of
September from 1.64 billion euros in the same period last year.
Analysts had predicted a rise to 1.644 billion euros. The company
also confirmed its full-year business outlook.
"We have had a good third quarter, setting new sales volume,
revenues and earnings records in the face of a challenging market
environment," BMW chief executive Norbert Reithofer said in a
statement.
BMW said revenue rose 14 per cent to 18.8 billion euros as strong
demand from China helped to offset more subdued sales in Europe as
the eurozone's long-running debt crisis and slowing economic growth
affects the region's car sector. Analysts forecast of a rise in
revenue to 17.86 billion euros.
The group's worldwide deliveries rose 9 per cent to 435,000 in the
three months to the end of September.
BMW's stable of brands include its flagship BMW brand along with
the compact urban Mini and top-of-the range of Rolls Royce.
The company's third-quarter net profit climbed 16 per cent to 1.28
billion euros, while earnings before interest and tax (EBIT) rose 14
per cent to 2 billion euros.
"We are on course to achieve new record figures for sales volume
and pre-tax earnings in 2012," said Reithofer.
The carmaker said it expects to keep the full-year EBIT margin at
its automotive operations at between 8 per cent and 10 per cent.
