BMW's third quarter earnings up 3.2 per cent despite tough conditions
The company logo of car manufacturer BMW is pictured on a car in Munich, Germany on Tuesday, March 19, 2013. (AP / Matthias Schrader)
The Associated Press
Published Tuesday, November 5, 2013 9:00AM EST
BERLIN -- Luxury car maker BMW AG says its net profit increased 3.2 per cent in the third quarter despite difficult market conditions and high spending on new technology.
The company said Tuesday it earned $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 per cent to 18.75 billion euros from 18.82 billion euros, though car sales rose 10.7 per cent to 481,657 vehicles.
Earnings before interest and tax declined 3.7 per cent. 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.