BMW turnover falls 18% over new car sales

The Irish Times - - Business News - MICHAEL McALEER

Ger­man premium car brand BMW saw its turnover drop 18 per cent last year to ¤164.8 mil­lion as its new ve­hi­cle sales dropped 15.6 per cent.

De­spite this, the com­pany’s op­er­at­ing profit in­creased by 31.2 per cent to ¤3.6 mil­lion, ac­cord­ing to ac­counts for the year ended De­cem­ber 31st, 2017.

While the Ir­ish new car mar­ket fell 10.4 per cent last year com­pared to 2016, sales of BMW mod­els were 4,652 ve­hi­cles , down 15.6 per cent, while its Mini divi­sion recorded sales of 624, down 19.4 per cent.

Last month BMW said its Ir­ish deal­ers were to in­vest ¤37 mil­lion in their busi­nesses and cre­ate 120 new jobs af­ter a re­view of its re­tail net­work here. Up to the end of Oc­to­ber this year BMW had recorded 4,204 new car sales, and a fur­ther 536 Minis.

The ac­counts show av­er­age staff num­bers at the com­pany’s head of­fice in North­wood busi­ness park in Santry were 23 last year, with pay­roll costs of ¤2.5 mil­lion. Pay­ments to di­rec­tors to­talled ¤390,000 for the year. Pro­vi­sions were also made for the pay­ment of ¤933,000 in re­la­tion to bonuses and sales in­cen­tives. BMW’s Ir­ish dis­trib­u­tor held a stock of mo­tor ve­hi­cles val­ued at ¤47.5 mil­lion at the end of the year.

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