china helps zoom bmw profits
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

China helps zoom BMW profits

Arab Today, arab today

Arab Today, arab today China helps zoom BMW profits

Frankfurt - Arabstoday

German automaker BMW AG says booming sales of its luxury cars and SUVs in China helped its profits more than double to euro 1.81 billion (Dh9.53 billion) in the second quarter. The net profit figure released yesterday compares to euro 834 million a year ago and easily beat the euro 1.475 billion average estimate from analysts surveyed by FactSet. Revenues in the quarter rose 16.5 per cent to euro 17.9 billion, just shy of forecasts. The company turned in fat profit margins, crediting a high-value model mix, with its 5-series sedan and X-3 sport utility showing large sales volume increases. Sales in China rose 52 per cent, even as the overall Chinese car market increased by 20 per cent, cooling its previous red-hot growth somewhat due to the end of state-sponsored stimulus measures. BMW sold 63,300 cars in China during the quarter, compared to 80,300 at home in Germany. Sales in the important US market also increased. Article continues below The Munich-based company\'s results follow strong earnings from other German carmakers. Volkswagen AG and Daimler AG last week also showed sizable profits on sales in China and other emerging markets. Porsche AG, which is merging with VW, on Monday said it made more than a billion euros in operating earnings in the first half of the year. Max Warburton, auto analyst at Sanford C. Bernstein, said the results were \"quite simply awesome,\" citing its profit margin before taxes and interest of 14.4 per cent. \"BMW\'s margins are so stunning that inevitably the debate will return to the question of ‘are we at peak,\'\" Warburton said. Though Warburton said the second quarter success, which is usually the strongest for the industry, was unlikely to be exceeded for the rest of the year, he saw no reason for earnings to diminish in 2012 and described the company\'s shares \"profoundly cheap at current levels.\" BMW shares traded up 0.44 per cent at euro 68.01 in morning trading German time. Like several other German companies this earnings season, the company was cautious about the economy for the rest of the year. It said it is unlikely that growth will be as dynamic as in 2010, given the prospect of higher interest rates around the world and debt troubles in many countries. CEO Norbert Reithofer told journalists on a conference call that \"global risks continue to increase, rather than decrease.\" Toyota ekes out quarterly profit Toyota eked out a 1.1 billion yen ($14 million) quarterly profit and raised its annual earnings forecast yesterday as it mounts a comeback from the devastation of the earthquake and tsunami in northeastern Japan. Still, April-June profit for the world\'s biggest automaker was a fraction of the 190.4 billion yen it earned the same period the previous year. Quarterly sales crashed 29 per cent to 3.44 trillion yen ($44.68 billion) because of production disruptions stemming from the disasters. Toyota Motor Corp cited how auto sales had held up in Asian nations such as Indonesia in raising earnings and sales forecasts for the fiscal year through March 2012. The automaker now expects an annual profit of 390 billion yen ($5.1 billion) compared with its previous forecast of 280 billion yen ($3.6 billion) profit. The new forecast is still 4 per cent lower than profit in the previous year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china helps zoom bmw profits china helps zoom bmw profits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china helps zoom bmw profits china helps zoom bmw profits

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday