Revenues and earnings achieved by the BMW Group for second quarter 2005 were affected adversely by currency factors, higher raw material prices and competition from rivals, so that record figures reported a year ago could not all be matched.
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Q2 2005 revenues in the second quarter 2005 increased 2.1% to €12.159 million (2004: €11,910 million) but, for the first half, revenues fell -0.9% to €22.516 million versus €22.715 million a year ago.
Q2 profit before tax was down 15.5% to €916 million from 1.084 million in 2004.
H1 profit before tax was off 10.7% to €1.728 million versus €1.935 a year ago.
One-off tax-related issues had a positive impact on group net profit, however. The net profit for the second quarter was down 1.2% to €663 million while the half year net fell 1.0% to €1.182 from €1,194 million in 2004.
“Against the background of adverse external factors and current year model cycles, business has developed in line with our expectations”, said BMW Group chairman Helmut Panke in a statement.
“We remain on course for the full year 2005 and confirm our aim of achieving approximately the high earnings level of the previous year. To a large extent, [we] will therefore be able to offset the external adverse factors affecting it.”
