BMW profit up 27% to €3bn on revenue of €23.4bn

BMW Group said its profit before tax rose 26.9% to €3.005 billion on revenue up 12.4% to €23.448 billion in its first quarter of the financial year 2017, helped by its Chinese joint venture and a revaluation of its stake in mapping service HERE.

BMW said the increase in profit before tax was boosted by “a positive valuation effect of €183 million in connection with the participation of new investors in the mapping service HERE.”

It said it was also helped by a higher profit contribution from its Chinese joint venture BMW Brilliance Automotive Ltd.

Looking ahead, the company said: “The BMW Group continues to target a slight increase in group profit before tax and an EBIT margin in the automotive segment within the range of 8 to 10% for the financial year 2017.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.