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BMW expects 2009 pretax profit despite lower sales

BMW expects 2009 pretax profit despite lower sales

German carmaker BMW AG said Friday it expects to report a pretax profit for 2009 despite lower revenue as the downturn cut demand for luxury cars.
BMW, based in Munich said it expects to report revenue of (EURO)50.68 billion ($71 billion) for 2009, down 4.7 percent from (EURO)53.2 billion in 2008.
"We are confident that the BMW Group will, as planned, be able to post a profit before tax for 2009," Norbert Reithofer, the company's chief executive said in a statement.
"This demonstrates that rigorous cost management and other wide-ranging measures to improve profitability ... are taking effect."
In 2008, the company posted a meager (EURO)330 million in net income, a near 90 percent decline from 2008 levels.
BMW is scheduled to report full earnings March 17.


Updated : 2021-04-22 07:53 GMT+08:00