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26

BMW Earnings Rise 3.8%

Bayerische Motoren Werke, the second largest luxury carmaker, has said...

Bayerische Motoren Werke, the second largest luxury carmaker, has said that first-quarter profit rose a more-than- expected 3.8 percent on demand for the new Mini small car, its cheapest model, and
the 7-Series, its most expensive.

Net income grew to 632 million euros ($581 million), or 94
cents a share, from 609 million euros, or 91 cents, in the year-
earlier period, the company said on its Web site. Sales increased
fouteen percent to 10.8 billion euros.

Chief Executive Joachim Milberg, who is retiring this month,
has led the carmaker to two years of record profits and expects
growth in 2002. The Munich-based manufacturer is taking market
share from Ford Motor Company's Volvo and General Motor's Saab.

?BMW's range of cars and its strategy are excellent,? said
Martin Stuerner, a fund manager at PEH Wertpapier, who helps
To manage 800 million euros. ?They're our favorite carmaker.?

Author: Neftegaz.ru