BMW today linked its return to health to
excellent operating profits at its leasing division, as well as
soaring demand for luxury vehicles in China.
The German car manufacturer said that Q1
earnings at BMW Financial Services, which reported profits before
interest and tax of €213 million – against €70 million in Q1 2009 –
as one of the “main factors” behind its swing back into profit.
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BMW’s first quarter operating profits of €449
million exceeded its 2009 full-year earnings.
New retail contracts at BMW FS grew 7.4
percent to 243,343, largely driven by credit financing which grew
11 percent. The number of lease contracts during the period dropped
by 0.5 percent.
Business volumes at BMW FS totalled €62.4
billion, up 2 percent on the previous quarter, while the number of
contracts placed by the lender with dealers rose 3.3 percent to
reach 3,107,568.
Its American business recorded the fastest
growth, of 5.4 percent, while the number of new contracts signed by
its European arm rose 2.1 percent.
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