BMW group reports 55million Euro profit

While BMW’s third quarter earnings fell 86% as compared to last year’s levels, the firm still reported a 55million Euro profit (excluding tax and interests). This is a good achievement provided the fact that sales fell between 10-15% year-on-year. The credit goes to the cost cutting measures that were implemented post the recession.

CEO Norbert Reithofer expects the market to begin to recover over the next year. Aiding this will be the the new X1 and the 5-Series GT. “We expect that the markets will make a gradual recovery over the coming year,” he said.

In the first nine months of 2009, BMW, Mini and Rolls-Royce sales fell a combined 15.7 per cent to 939,554 units. BMW’s auto division has seen an operating loss of 358m euro so far in 2009, but overall it saw a 169m euro (£152m) operating profit.

The total number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers in the period from July to September decreased by 7.2% to 324,100 units (third quarter 2008: 349,098 units). Sales of BMW brand cars dropped by 9.2% to 263,864 units (third quarter 2008: 290,661 units). The number of MINI brand cars sold increased by 3.4% to 60,104 units (third quarter 2008: 58,105 units). A total of 132 Rolls-Royce brand vehicles was sold during the third quarter 2009 (third quarter 2008: 332 units / -60.2%).

Source : Autocar UK and BMWblog