Saudi Arabia urges stronger global action to protect children in cyberspace at UN    911 emergency centers handle over 2.8 million calls in March    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Saudi Arabia posts SR49.8 billion travel surplus in 2024 as visitor spending hits SR153.6 billion    World leaders call Trump tariffs 'wrong' and 'unjustified'    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



BMW 2009 profit falls 36 pct to $286m
Published in The Saudi Gazette on 12 - 03 - 2010

German carmaker BMW AG said Thursday its 2009 net income fell 36 percent to ¤210 million ($286 million) because of lower demand for its cars and motorcycles during the economic downturn as well as a higher tax rate.
BMW, the world's biggest luxury car maker, said it earned ¤330 million in net income in 2008. Revenue last year was down nearly 5 percent to ¤51 billion from ¤53 billion in 2008.
The automaker, based in Munich, also builds motorcycles and the Mini and Rolls Royce car brands.
It did not release fourth quarter figures but is scheduled to report full results March 17.
Production for the year decreased nearly 13 percent to 1.26 million cars from 1.44 million in 2008, the company said. The BMW brand saw a 13 percent decline, Mini a 9 percent decline and Rolls Royce a 35 percent decline. The motorcycle division reported a 21 percent drop in production to nearly 83,000 bikes.
Despite the setbacks caused by the economic downturn, BMW said it was cautiously optimistic for the current year. It said it expected to grow profitably due to new models and a gradual global economic recovery, but didn't give a specific forecast for earnings.
“Our new models will provide us with a tailwind over the course of the year,” Norbert Reithofer, the company's chief executive, said in the report.
“We fully intend to remain the world's leading provider of premium cars in 2010 and plan to increase sales within the single digit percentage range to over 1.3 million vehicles” he said.
Shares of BMW were about three quarters of a percent higher at ¤32.50 in Frankfurt afternoon trading.


Clic here to read the story from its source.