Fleet News

BMW's pre-tax profits rise 59%

2001 has officially become the most successful ever for BMW, the company revealed at its annual meeting in Munich.

The group's profits increased by 59.5% year-on-year to 3.242 million Euro (£2.01 million) from 2.032 million Euro (£1.26 million) in 2000.

Revenue grew by 3.3% to 38.463 million Euro (£23.82 million) and net profit improved to 1.866 million Euro (£1.16 million), up 54.3%.

Profits in BMW's automobile division increased 2.2% to 2.792 million Euro.

BMW AG chairman Joachim Milberg said: 'We anticipate that the positive trend will continue throughout the fiscal year 2002 and that the group will therefore be able to post improvements in all key performance indicators.'

Stefan Krause has been appointed as member of the management board responsible for finance, succeeding Helmut Panke, who will become chairman of the board when Milberg stands down on May 16.

  • SEAT ended the 2001 financial year with profits after tax up 36.6% from 87.35 million Euro (£54.1 million) to 119.33 million Euro (£73.92 million), the company announced at its annual meeting in Barcelona. Bernd Pischetsrieder, chairman, said that despite an expected downturn in production and sales, SEAT had improved profitability mainly due to 'cost controls'.
    SEAT vehicle sales reached 487,617 units, a 5.3% drop on 2000.
    On SEAT's alignment in the VW Group as a sporty brand, he said the 'differentials between Audi and SEAT will be discerned by the presence in distinct market segments, and not on price'.
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