Automaker BMW sees net profit jump 20 percent

ASSOCIATED PRESS
FRANKFURT
Published 03.11.2015 21:48

German automaker BMW AG sounded a note of caution on Tuesday over its business in China as it reported a 20 percent increase in its third-quarter net profit from a year earlier, when financial charges lowered earnings. While BMW hit profit targets for its high-end cars and SUVs during the July-Sept. quarter, it said a slowdown in previously booming China, as well as tough competition in the United States, would cap profit rises for the rest of the year. The Munich-based company, which makes the X5 SUV and 7 Series sedan, said profits rose to 1.58 billion euros ($1.74 billion) from 1.31 billion euros in the year-earlier period, when the company had to deduct charges for the changed valuation of financial derivatives. Revenues rose 14 percent to 22.34 billion euros, helped by tail winds from currency exchange rates.

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