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April 26, 2005

GERMANY: BMW rejects profits warning rumours

BMW rejected market talk on Tuesday that it could be poised to issue a profit warning.

BMW rejected market talk on Tuesday that it could be poised to issue a profit warning.

“From our point of view there is no reason to depart from the earnings forecast we gave at the annual news conference,” a spokesman told Reuters when asked about the market speculation.

The news agency noted that, at the annual news conference on March 16, chief executive Helmut Panke forecast roughly stable earnings for 2005 as the weaker dollar and rising raw material costs exact their toll on group profits despite advancing unit sales.

“The BMW group in the business year 2005 aims to achieve approximately the high level of earnings of the previous year,” he reportedly said.

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