FRANKFURT BMW drives to record net profit
GERMAN luxury carmaker BMW, the world’s biggest, beat expectations with a new record net profit for the July to September period after selling a record numbers of vehicles.
The Munich-based firm said it had made 1.8 billion euros (US$2 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 7.1pc compared with the second quarter of 2015. Over the nine months from January to September, net profit at BMW grew by 11.7pc to 5.5 billion euros. –