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BMW posts 27-per-cent profit gain on China, mapping service

Europe
20.04.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Berlin (dpa) - Leading German luxury carmaker BMW posted a 27-per-cent jump in first-quarter profit on Thursday following a rise in earnings from its operations in China and a one-off revaluation of its stake in the HERE mapping consortium.

Pre-tax profit climbed to 3 billion euros (3.23 billion dollars) in the first three months of the year compared with 2.37 million euros in the same period last year, Munich-based BMW said.

The profit rise came despite margins at its car unit falling from 9.4 per cent to 9.0 per cent in the quarter under review, BMW said.

First-quarter revenues rose by 12.4 per cent to 23.45 billion, the carmaker said.

Releasing the results, BMW said the gain in first-quarter profit followed a revised valuation for HERE, the mapping service it jointly owns with Daimler and Audi, which added 183 million euros to group profit.

At the same time, BMW reported a higher contribution from its joint-venture in China, the world‘s biggest car market.

 

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