BMW Drives Third-quarter Profit Into Record Territory
Fahad Shabbir (@FahadShabbir) Published November 04, 2016 | 01:05 PM
FRANKFURT, Nov 4, (UrduPoint / Pakistan Point News - 04th Nov, 2016 ) - German luxury carmaker BMW, the world's biggest, beat expectations on Friday with a new record net profit for the July to September period after selling record numbers of vehicles.
The Munich-based firm said it had made 1.8 billion Euros ($2.0 billion) net profit, up 15 percent compared with the 1.6 billion euros it made in the same period in 2015. Analysts surveyed by Factset had predicted net profits would remain stable in the third quarter.
BMW was "maintaining a strong basis for the consistent implementation of our strategy" of investing profits into research and development in areas like electric and driverless cars, chief executive Harald Krueger said in a statement.
Sales by the world's biggest high-end carmaker by revenue grew to 23.4 billion euros in the third quarter, with its BMW, Mini and Rolls-Royce divisions all booking big increases in unit sales.
The group sold more than 583,000 cars in the July to September period, up 7.1 percent compared with the second quarter of 2015.
Over the nine months from January to September, net profit at BMW grew by 11.7 percent to 5.5 billion euros. BMW confirmed its "confident" forecast for the full year, saying it would slightly increase unit sales and pre-tax profits compared with 2015.
"We've already brought together the things the whole sector is measured against," Krueger said, pointing to a "successful" electric car strategy and "high profitability, which enables us to finance future investments from our own resources." As German and international rivals look towards an electrified future, BMW recently expanded its plans for electric and hybrid cars beyond its BMWi brand to cover its whole range.
In early October, the group said it would offer an all-electric version of the Mini in 2019 and of its BMW X3 urban 4x4 in 2020.
Related Topics
Recent Stories
At least 10 people killed in Brazil fire: officials
Shahzaib Rind calls on Deputy Speaker Balochistan
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-le ..
DC Tharparkar inaugurates anti-polio campaign
HDA Mehran workers demand salaries
Taxila police nab motorcycle lifter gang
Inter-university weightlifting championship kicks off at SAU
Walk held in a series of enrollment campaigns
Team from Gaza mediator Egypt arrives in Israel for truce talks
Kids murders: IHC orders psychiatric examination of mother
Health minister credits PML-N for advancements in organ transplantation
Court grants interim bail to Azam Swati in cyber crime case
More Stories From Business
-
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
25 minutes ago -
Police to take every step for security of business community: IGP
25 minutes ago -
WB director, Planning minister discuss reforms in development projects
33 minutes ago -
IP rights crucial in achieving SDG : Jam Kamal
2 hours ago -
FBR’s data protection efforts commended by OECD assessment team
2 hours ago -
US stocks rebound on tech earnings, London hits new record
3 hours ago
-
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
3 hours ago -
SBP to announce monetary policy on April 29
3 hours ago -
50pc cut in subsidy of BRT service likely: CM’s aide
4 hours ago -
PSX gains 771 points
4 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
5 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
4 hours ago