BMW on track to reach pretax profit of 4 billion euros

Luxury automaker BMW AG’s chief executive said Thursday the company would reach its pretax profit target of four billion euros, or US$5.07 billion, for the fiscal year, meaning it’s on track to reach its earnings and sales targets for 2006.

Speaking at the Paris Auto Show, CEO Norbert Reithofer said half of the pretax growth projected for 2006 will stem from special gains of around $475.7 million linked to the sale of BMW’s stake in British engine maker Rolls-Royce Group PLC earlier this year.

Last year, the Munich-based company posted a pretax profit of 3.29 billion euros, or US$4.17 billion.

He also said that vehicle sales in September had increased and that sales for the nine-month period of all its brands _ BMW, Mini and Rolls-Royce _ would be higher than last year.

Sales for the Mini brand were hampered by a move to refit its production plant in Britain.

“I’m optimistic that the sales decline this year will be lower than the expected 20,000 units,” he said, adding that orders at the brand were not “just good, but very good.”

Shares of BMW were up more than a quarter of a per cent to 41.85 euros, or US$53.08.

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Orlando Motors Sport üzerinde şu anda okumakta olduğunuz 'BMW on track to reach pretax profit of 4 billion euros' isimli yazı 18 Mar 2008 tarihinde, saat: 14:35 'de admin tarafından gönderilmiş.

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