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Saturday, May 8, 2010
BMW reported yesterday a first-quarter profit on improved sales and said that rising demand for premium cars bodes well for its full-year earnings. The world's biggest luxury car maker earned euro 324mil (US$424.1mil) in net income in the first quarter compared with a loss of euro 152mil a year ago.
Revenue in the Jan-March period rose 8.1% to euro 12.4bil from euro 11.5bil last year.
"The BMW Group has made a good start to 2010," chief executive Norbert Reithofer said in a statement. "We increased earnings significantly in the first quarter and are now back on a growth course on almost all car markets."
Reithofer said BMW is aiming for higher earnings in 2010, above the euro 210mil it earned last year, when consumers' reluctance to spend created a challenging market. "We intend to remain the world's leading provider of premium cars in 2010 and plan to increase our sales volume" to more than 1.3mil cars, he said.
First-quarter sales were driven higher by growth in Europe, Asia and the US, a key market. Sales in the US rose by 7.5% to 55,141 cars while in China, sales more than doubled to 36,607; European sales rose 4%. Worldwide, the automaker said it sold 265,809 cars, an increase of nearly 14% from the first quarter of 2009.
The sales increases included the Rolls-Royce brand, which had its best first-quarter results ever as sales rose more than 60% with 279 cars sold, including 158 new Rolls-Royce Ghosts. - AP - AP
Revenue in the Jan-March period rose 8.1% to euro 12.4bil from euro 11.5bil last year.
"The BMW Group has made a good start to 2010," chief executive Norbert Reithofer said in a statement. "We increased earnings significantly in the first quarter and are now back on a growth course on almost all car markets."
Reithofer said BMW is aiming for higher earnings in 2010, above the euro 210mil it earned last year, when consumers' reluctance to spend created a challenging market. "We intend to remain the world's leading provider of premium cars in 2010 and plan to increase our sales volume" to more than 1.3mil cars, he said.
First-quarter sales were driven higher by growth in Europe, Asia and the US, a key market. Sales in the US rose by 7.5% to 55,141 cars while in China, sales more than doubled to 36,607; European sales rose 4%. Worldwide, the automaker said it sold 265,809 cars, an increase of nearly 14% from the first quarter of 2009.
The sales increases included the Rolls-Royce brand, which had its best first-quarter results ever as sales rose more than 60% with 279 cars sold, including 158 new Rolls-Royce Ghosts. - AP - AP
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