BMW posts lower Q1 profits
Complex Made Simple

BMW posts lower Q1 profits

BMW posts lower Q1 profits

German luxury car maker BMW has reported a decline in profits in the first three months of this year, but said it is sticking to its full-year targets despite, AFP has reported. Net profit was down 3% year-on-year at €1.312bn and operating profit fell by 4.5% to €2.039bn. Worldwide deliveries by BMW, which also owns Mini and Rolls-Royce, rose 5.3% to a total of 448,200 vehicles, but revenues were fell 4.1% at €17.546bn due to "higher expenditure on new technologies, increased personnel expenses and challenging market conditions worldwide," the company said. "We achieved a new sales volume record for a first quarter. And ... we managed to keep revenues and earnings at high levels," said chief executive Norbert Reithofer. As a result, BMW "remains committed to its targets for the full year within a difficult and volatile economic environment, Reithofer added.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved