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BMW Hikes 1Q Pretax Profits 27%
BMW AG reports its pretax profit in January-March jumped 27% to €3.0 billion ($3.2 billion) in the first quarter of 2016.
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BMW AG reports its pretax profit in January-March jumped 27% to €3.0 billion ($3.2 billion) in the first quarter of 2016.
The improvement was driven by €122 million ($131 million) in favorable exchange rates, record-high results from its China joint venture and a €183 million ($197 million) gain in the value of its stake in Here, the digital mapping service.
Group revenue for the period rose 12% to €23.4 billion ($25.2 billion), according to the preliminary data. Profits from automotive operations climbed 6% to €1.9 billion ($2 billion), but margins slipped to 9.0% from 9.4% a year ago.
BMW will report full results on May 4.
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