BMW Group Q2 revenues rose 1.8% to to EUR19,552m but higher costs and greater competition reduced profit before financial result (EBIT) 8.8% to EUR2,068m. EBIT margin was 10.6%.

Nonetheless, pretax profit rose 2.8% to EUR2,032m and net profit 9.0% to EUR1,392m after vehicle deliveries rose 6.6% to 506,321.

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“At 9.6%, the operating margin in the automotive segment was at the top end of our targeted range”, said chairman Norbert Reithofer.

H1 revenues dipped 1.1% EUR37,098m, EBIT was off 6.7% to EUR4,107m, profit before tax was down 0.5% to EUR4,035m and EBIT margin was 11.1%.

Group net profit rose 2.9% and sales volume set a six-month record, up 6% to 954,521 units.

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