BMW expects solid increase in sales despite sector crisis

BERLIN: Luxury carmaker BMW has shrugged off the crisis gripping the German auto industry, saying yesterday it expects to post a “solid increase” in sales this year after reporting stronger-than-forecast profit in the three months to the end of June.

Earnings before interest and taxes (EBIT) rose 7.5% to 2.93 billion (RM14.8 billion) from 2.73 billion a year earlier, the Munich-group said, thanks to higher sales and strong demand in China. Analysts had expected the premium car maker to report a secondquarter EBIT of 2.86 billion euros.

BMW released the results one day after the carmaker joined other car manufacturing groups in agreeing at a so-called diesel summit in Berlin to a series of measures aimed at cleaning up air pollution levels in German cities and helping restore confidence in the car industry, which has been battered by a series of crises. However, BMW said yesterday it expects to report for the full year a “solid increase” in sales in its car business, which includes its flagship BMW brand as well as the urban Mini and top-of-the-range Rolls-Royce. – dpa