BMW profit jumps 54%

March 15, 2001
Web posted at: 1412 GMT

LONDON (CNN) - German luxury car maker BMW said on Thursday profit jumped 54 percent after selling Rover – dubbed The English patient -- for a symbolic £10.

Net profit before exceptional items rose to 1.02 billion ($930 million) from 664 million a year ago. Revenues rose 2.8 percent to a record figure of 35.4 billion, the company said.

Eight analysts polled by Reuters expected net profit before exceptional items in the range between 943 million and 1.2 billion.

The Munich, Germany-based company sold its loss-making Rover unit in May last year, ending a disastrous attempt to broaden its range into more affordable vehicles. Since then, sales of BMW's 3 series and X5 sports utility have beaten expectations. 

Losses at Rover Cars rose to 762 million in the first-half of 2000 from 662 million in the year earlier period.

BMW's stock price has risen 45 percent over the last year, while the pan-European STOXX index has risen just 7.6 percent. BMW (FBMW) stock fell 2.2 percent to 34.50 after the announcement.

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