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BMW Q1 misses expectations on currency hit

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BMW's first-quarter operating profit missed expectations as currency headwinds and a lull in its product cycle offset record quarterly sales of luxury cars.

[FRANKFURT] BMW's first-quarter operating profit missed expectations as currency headwinds and a lull in its product cycle offset record quarterly sales of luxury cars.

Earnings before interest and taxes (Ebit) fell 2.5 per cent to 2.46 billion euros (S$3.81 billion), below the 2.48 billion euros forecast in a Reuters poll.

The return on sales at BMW's automotive division narrowed to 9.4 per cent from 9.5 per cent a year earlier, financial results published on Tuesday showed.

BMW has seen sales momentum slow down in China, the world's biggest car market, as it prepares to launch new models like the long-wheelbase version of the X1 offroader.

REUTERS