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Auto Industry

BMW races to new profit highs in third quarter

The world's leading luxury carmaker, BMW of Germany, has reported a solid net profit for the third quarter. Its sales have beaten forecasts and suggest that the company has handled the European debt crisis well.

German luxury auto maker BMW on Tuesday reported a 16 percent jump in net profit in the third quarter. The Munich-based company said earnings in the three months to September amounted to 1.29 billion euros ($1.65 billion).

Revenue rose by 14 percent to 18.8 billion euro in the period under revision. Between January through the end of September, BMW logged an 8.6 percent increase, selling close to 1.2 million vehicles worldwide.

"We have had a very good quarter, setting new sales volume, revenues and earnings records," BMW Chief Executive Norbert Reithofer said in a statement.

Diversification strategy

Reithofer said he remained confident that the rest of the year would not ruin the company's overall performance. "We are on course to achieve new full-year record figures for sales and pre-tax earnings in 2012," he said.

He acknowledged, though, that the whole automobile sector was likely to be confronted with rather adverse business conditions as the debt crisis in Europe kept weighing down sales on the continent.

So far, strong demand from China and the US has helped to offset BMW's subdued sales in Europe. The company keeps scoring with its stable of brands, including its flagship BMW segment as well as the compact Mini and the top-of-the-line Rolls Royce.

hg/hc (dpa, AFP)