Automaker BMW sees net profit jump 20 percent
FRANKFURT, Germany (AP) — German automaker BMW AG saw net profit rise 20 percent in the third quarter compared with a year earlier, when financial charges lowered earnings.
Profits rose to 1.58 billion euros ($1.74 billion) from 1.31 billion euros in the year-earlier period, when the company had to deduct charges for the changed valuation of financial derivatives.
Revenues rose 14 percent to 22.34 billion euros, helped by tailwinds from currency exchange rates.
The maker of the X-5 SUV and 7 Series sedan said Tuesday it achieved a profit margin of 9.1 percent, which fell within its target range of 8-10 percent. The company reaffirmed its forecast for increased sales and profit for the full year.
But it cautioned that increases would be held down by slowing demand in China and troubles in Russia.