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BMW says 3rd-quarter profit up 3.2 percent

The company earned 1.33 billion euros ($1.8 billion) in the July-September period, up from 1.29 billion euros a year earlier.

Published: 05th November 2013 01:28 PM  |   Last Updated: 05th November 2013 01:35 PM   |  A+A-

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By AP

Luxury car maker BMW AG says its net profit increased 3.2 percent in the third quarter despite difficult market conditions and high spending on new technology.

The company said Tuesday it earned 1.33 billion euros ($1.8 billion) in the July-September period, up from 1.29 billion euros a year earlier.

The BMW Group, which includes Mini and Rolls-Royce, saw revenues decline 0.4 percent to 18.75 billion euros from 18.82 billion euros, though car sales rose 10.7 percent to 481,657 vehicles.

Earnings before interest and tax declined 3.7 percent. BMW pointed to high spending on new technologies, personnel costs and growing competition.

Chief executive Norbert Reithofer reaffirmed the company's full-year outlook, saying BMW expects sales volume to grow by a single-digit percentage amount and pre-tax profit to be similar to last year's.



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