FRANKFURT: German luxury carmaker BMW said on Wednesday that its third quarter net profit grew, beating expectations, as demand recovered from the crippling lockdowns of the early months of the coronavirus pandemic.
The Munich-based company posted a net profit of 1.8 billion euros, up from 1.5 billion euros in the same period last year as it “recovered from the previously massive impact of the pandemic,” BMW said.
Sales were down 1.4 per cent to 26.3 billion euros.
Analysts had predicted third quarter net profit of 1.5 billion euros on sales at 26.1 billion euros, according to the FactSet financial information service.
BMW suffered its first loss in 10 years in the Q2 as the health crisis shuttered showrooms, closed factories and ravaged demand but the auto market then bounced back strongly as restrictions were eased. — Reuters
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