BMW reports 9% increase in Q2 net profitAugust 1, 2013 - 14:15 AMT PanARMENIAN.Net - German luxury car maker BMW AG said Thursday, Aug 1, it overcame tough auto markets in Europe to post a 9 percent increase in net profit in the second quarter, The Associated Press reported. Profits rose to 1.39 billion euros ($1.85 billion) from 1.28 billion in the same quarter a year ago as revenue rose 1.8 percent to 19.5 billion euros. The company's profit performance beat the consensus of analysts' expectations of 1.29 billion euros as compiled by financial information provider FactSet. The Munich-based company also said it had profit margins of 9.6 percent, toward the upper end of its goal of 8-10 percent. Even so, the margin was down on last year's 11.6 percent. "Despite serious headwinds in many auto markets in Europe, the BMW Group had a strong second quarter," CEO Norbert Reithofer said in a statement. BMW has seen stronger sales in the first half of the year from its mainstay 3-series car and from its X1 small SUV. The company's earnings repeated the pattern of the past few quarters: Strong sales in the recovering U.S. economy and emerging markets such as China outweighed lower demand in its biggest market, Europe. First-half sales by number of vehicles were flat in Europe but rose 15 percent China and 9 percent in the United States. European auto sales have been undermined by a near 4-year crisis over too much debt that has led governments to cut spending and raise taxes, deepening recessions and worsening unemployment. Europe-wide sales, according to the European auto makers' association, ACEA, fell 6.6 percent for the first six months of the year. BMW shares traded down 0.33 percent at 73.01 euros shortly after the stock market opened in Germany. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |