German luxury carmaker BMW today reported strong first-quarter net profit of 324 million euros compared to a loss of 152 million euro in the first quarter of 2009, and forecast dynamic growth in earnings for the full-year with the expected launch of new BMW 5 Series model.
''The BMW Group has made a good start to 2010. We increased earnings significantly in the first quarter and are now back on a growth course on almost all car markets,'' stated Norbert Reithofer, chairman of the board of management of BMW AG in Munich today.
The company reported group revenues growth of 8.1 per cent to euro 12,443 million compared to euro 11,509 million in the same period last year. The profit before tax increased to euro 508 million compared with a loss of euro 198 million with profit before financial result (EBIT) was euro 449 million compared with a loss of loss of euro 55 million.
The German car make said the total number of BMW, Mini and Rolls-Royce brand vehicles sold increased by 13.8 per cent to 315,614 units compared to 277,264 units in the same period last year.
BMW, like other car manufacturers, was hit due to the global recession which forced consumers in the US, and Europe to tighten their belts. However, with economies recovering and sales picking up in these markets, the sector has seen a rebound especially in China.
The company saw higher sales volumes in the automobiles segment where EBIT tripled to euro 291 million compared to the fourth quarter 2009 . The segment profit before tax increased to euro 220 million compared to a loss euro 471 million, whilst revenues rose by 11.1 per cent to euro 10,672 million compared to euro 9,605 million in the same period last year.