News Column

BMW Expects Flat Profits in 2013 After Record Year

March 19, 2013

The world's leading luxury car maker BMW said Tuesday it expects its pretax profits in 2013 to remain around the same as last year's record profits, due to spending and concerns about European car sales.

"Due to higher expenditures for new technologies and models as well as investment in the production network, we expect group profit before tax to remain on the scale as that of 2012," BMW chief Norbert Reithofer said at the company's annual earning conference.

Last week the Munich-based firm said net profit rose 4.4 percent to $6.6 billion (5.1 billion euros) in 2012, underpinned by an 11.7-percent rise in total revenue to 76.848 billion euros.

A weaker performance in Europe was offset by strong demand in the United States and China, it said, and the company delivered more cars than ever before. The delivery of 1.845 million BMW, Mini and Rolls Royce vehicles was an 11 per cent increase on 2011.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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