MUNICH (dpa-AFX) - German luxury carmaker BMW AG (BMW.L, BAMXF.PK, BAMXY.PK) reported Wednesday that its third-quarter group net profit improved 11.5 percent to 1.55 billion euros from last year's 1.39 billion euros.
Profit before financial result or EBIT improved 32.9 percent to 2.29 billion euros from last year's 1.72 billion euros.
Group revenues rose 7.9 percent to 26.67 billion euros from prior year's 24.72 billion euros.
Third-quarter deliveries of BMW, MINI and Rolls-Royce premium brand vehicles were 613,361 units, up 3.6 percent from last year.
Looking ahead for fiscal 2019, the company continues to expect Group profit before tax to be significantly below the previous year's level.
The company further said, 'Within a stable business environment, an EBIT margin in the range of 8 to 10 percent remains the set target for the BMW Group. .. Excluding the impact of the € 1.4 billion provision recognised in connection with ongoing antitrust proceedings, the target range for the EBIT margin remains unchanged at 6 to 8 percent.'
Since the provision has a negative impact on the EBIT margin, the BMW Group is expecting a margin between 4.5 and 6.5 percent in the Automotive segment for 2019.
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