FRANK­FURT BMW drives to record net profit

The Myanmar Times - - International Business -

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. –

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