BMW net profit more than doubles to euro1.81 billion

BMW net profit more than doubles to euro1.81 billion

Frankfurt: German car maker BMW said Tuesday that its second quarter net profit more than doubled from the same period a year earlier to €1.81 billion ($2.58 billion) on sustained global demand for luxury automobiles.

Sales gained 16.5% to almost €17.9 billion, and a BMW statement said that “we expect the business environment to remain favourable during the second half of 2011."

BMW’s operating profit leapt by 83% meanwhile to €2.86 billion, and the results largely surpassed an average analyst forecast compiled by Dow Jones Newswires for a net profit of €1.59 billion and an operating result of 2.41 billion.

“We expect to achieve a significantly higher group profit before tax for the full year 2011 compared to 2010, assuming economic and political conditions remain stable and that the global economy continues to grow."

In the second quarter, the BMW group, which also owns the Mini and Rolls-Royce brands, sold a record 450,608 vehicles, a year-on-year gain of 18.5%.