BMW reports record profits

BMW reports record profits

Germany based world’s largest maker of luxury cars BMW has come out with record profit figures in the most recent quarter. The company has gained from improved sales of their 3-series sedan car and also benefited from selling a stake in Rolls-Royce Group.

BMW’s first quarter net income rose 81 percent to 948 million euros. This is comprehensively higher than figures of 525 million euros, or 78 cents, a year earlier. Sales were up by around 12% at 11.6 billion euros.

Chief Executive Officer Helmut Panke said in a statement that the company is expecting to impress the markets with their performance this year as the demand for their 3-Series and X3 and X5 sport-utility vehicles has risen in the market.

BMW’s pretax profit was up by 58 percent to touch 1.3 billion euros in the quarter. The company gained 375 million-Euro from their offloading a stake in the London-based plane-engine maker Rolls- Royce to 2.77 percent from 9.02 percent.