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News > International
BMW: Record profit in 2000
December 20, 2000: 6:19 a.m. ET

German automaker says sales, profit roar ahead despite sale of Rover
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LONDON (CNNfn) - BMW AG expects vehicle sales and core profit to hit a record in 2000 as revenue growth accelerates to its quickest  in a decade.

Joachim Milberg, chairman of the German automaker, told a meeting Tuesday night that earnings before one-time items and taxes will be "not insignificantly better" than the graphic1.29 billion ($1.16 billion) tallied in its record year of 1997, a company spokesman confirmed Wednesday.

BMW, the smallest of Germany' big three automakers, expects to sustain the sales growth rate of 9 percent that it registered in the first 11 months of graphic2000, with some 820,000 vehicles sold.

Sales in 2000 would exceed 1999's level of graphic34.4 billion, despite the sale of the U.K. Rover unit in the spring, said Milberg.

Predicting further growth in sales, spokesman Jürg Dinner said: "We are optimistic about the continued positive development at BMW."

Shares of BMW (FBMW) rose 0.9 percent at graphic35.92 in Frankfurt.

-- from staff and wire reports graphic

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