Mini helps BMW profits rise

Sales of the revamped Mini helped BMW post a second quarter net profit increase of 11.9% today.

Sales of its luxury saloons also rose in the April-June period that saw profits climb to £397m (€626.3m) from £356m (€562m) in the same quarter last year, the Munich-based company said.

Unit sales of BMW brand cars and sports utility vehicles rose by 4.4% to 481,330, the company said. Almost 35,000 Minis were sold in the quarter.

The car, made in Cowley, Oxon, only went on sale in July last year so no year-on-year comparison was possible.

Overall revenues, including the company’s motorbike and financial services businesses, rose 8.9% to £7.3bn (€11.5bn) from £6.7bn (€10.7bn) for the same period a year before.

For the first six months of the year, the company’s net earnings rose by 7.7% to £798m (€1.26bn) from £741m (€1.17bn) in the first half of 2001.

The company said it expanded its work force over the past year by about 5% to 99,464 workers. BMW stock traded down 1.8% at €54.55 in midday trading on the Frankfurt exchange.