BMW drives to record profits in 2011

BMW drives to record profits in 2011 Frankfurt: German top-of-the-range carmaker BMW said Thursday it powered ahead to new records in unit sales, revenues and profits in 2011 and expected to continue to grow again this year.

BMW said in a statement it booked net profit of 4.907 billion euros (USD 6.5 billion) in 2011, an increase of 51.3 percent year-on-year, and pre-tax profit rose by 52.1 percent to 7.383 billion euros.

Unit sales were up 14.2 percent at 1.669 million vehicles, pushing up revenues by 13.8 percent to 68.821 billion euros, the statement said.

"Last year was the best in our history. We achieved new records in unit sales, revenues and earnings," boasted chief executive Norbert Reithofer.

Shareholders would also participate in the carmaker's success, with the dividend payout being increased by 1.0 euro to 2.30 euros per share, Reithofer said.

Looking ahead, BMW said it expected to be able to lift sales again this year.

"After our sales record of last year, we expect to be able to increase the number of deliveries again in 2012," Reithofer said.

PTI