MUNICH: German high-end carmaker BMW has reported a higher sales volume than expected in the third quarter, reported dpa news.
Profit before interest and taxes increased year on year by 18.2 per cent in the third quarter to €4.35 billion (US$4.62 billion), the company said from its headquarters in Munich on Friday. This was despite a higher share of electric cars being sold, which are not yet so profitable. Experts had forecast a slightly lower operating profit.
The much-watched operating margin in the core carmaking business rose by almost 1 percentage point to 9.8 per cent.
The company’s revenue for the quarter rose 3.4 per cent to €38.5 billion, despite headwinds from the stronger euro.
The overall bottom line was however impacted by higher taxes and negative effects from interest rate hedging transactions. Net profit decreased by 7.7 per cent to €2.93 billion.
The company confirmed its forecast for the year. Rivals Volkswagen and Mercedes-Benz had recently had to row back somewhat on their profit outlook due to the weak situation in the sector and supply chain issues. –Bernama