(RTTNews) – German luxury carmaker BMW AG (BMW.L, BAMXF.PK, BAMXY.PK) reported Thursday that its first-quarter Group net profit surged 256 percent to 10.19 billion euros from last year’s 2.83 billion euros.
Earnings per share grew to 15.33 euros from 4.26 euros a year ago.
Group earnings before tax or EBT increased 225.4 percent to 12.23 billion euros from last year’s 3.76 billion euros.
The company attributed the strong increase in earnings to full consolidation of China joint venture BMW Brilliance Automotive Ltd or BBA, as well as sustained high demand for its premium vehicles.
First-quarter revenues climbed 16.3 percent to 31.14 billion euros from last year’s 26.78 billion euros.
Automotive deliveries declined 6.2 percent to 596,907 units mainly due to lower sales in BMW brand. Motorcycles deliveries grew 11.3 percent.
Sales of electrified vehicles increased significantly by 28 percent to 89,669 units.
Looking ahead for fiscal 2022, BMW Group said it is maintaining its guidance driven by strong global demand for its attractive premium vehicles.
The effects of the full consolidation of BBA are projected to lead to significant growth in Group earnings before tax, despite the negative impacts from production adjustments.
Deliveries in the Automotive Segment are forecast to be on par with last year. The EBIT margin is still expected to be within the range of 7-9 percent.
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