on back of strong sales
The finance arm of manufacturer BMW
has reported strong results for the third quarter. Revenues at
BMW
Financial Services were up 32 per cent to €3.6bn (£2.5bn)
(compared with €2.7bn (£1.9bn) in Q3 2006) and profit before tax
grew by 4.9 per cent to €191m (£133m), from €182m (£127m) in the
same period last year.
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In the nine months to September 30 2007, revenue at BMW
Financial Services grew by 21.6 per cent to €10.1bn (£7bn), and
profit before tax increased by 5.2 per cent to €563m (£392m).
The captive’s results were helped by growth of deliveries to
customers of BMW cars, up 12.8 per cent quarter on quarter and 7.2
per cent year on year.
Business volume increased by 16.5 per cent to reach €49.5bn
(£34.5bn) as of September 30 2007, while lease and financing
contracts with dealers and retail customers grew in number by 14.5
per cent to 2,539,701 contracts. BMW Financial Services grew the
proportion of new BMW cars it leased or financed by 2.5 percentage
points to 44.7 per cent.
In all, Norbert Reithofer, chairman of the BMW board said that
the group was on course for “record” pre-tax profits at year-end
2007, with new unit sales predicted to break the 1.4m mark.
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