AFP, Frankfurt :
A favourable world auto market helped German carmaker BMW to post profits 11 percent higher in the second quarter than the same period last year, results released on Tuesday showed.
The Munich-based firm said that it had made 1.95 billion euros ($2.2 billion) of profit on 25 billion euros of revenue.
Fuelled by strong results, BMW has “the financial headroom we need to pursue our work on future technologies such as electric mobility and automated driving,” chairman Harald Krueger said.
“We forecast slight increases, and hence new record figures, for sales volume and profit before tax in 2016,” Krueger went on.
BMW outdid predictions from analysts surveyed by Factset, who had been expecting profits of 1.69 billion euros.
Welcoming the results as “solid”, analysts at DZ bank pointed to BMW’s higher-than expected profitability on car sales as a key factor making it a “top pick” among German carmakers.
