May 15, 2018 / 7:15 PM / 10 months ago

BMW targets group pre-tax margins of more than 10 percent: Handelsblatt

Headquarters of German luxury carmaker BMW in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder

FRANKFURT (Reuters) - Germany’s BMW (BMWG.DE) will target a group pre-tax profit of more than 10 billion euros ($11.9 billion) this year, finance chief Nicolas Peter told newspaper Handelsblatt on Tuesday, as the carmaker seeks to achieve double-digit margins in the long run.

“We are striving to keep group pre-tax profit (margins) sustainably above 10 percent,” Peter said in a interview in the newspaper. “For this year, that means a result of well over 10 billion euros.”

BMW made record profits last year but delivered a slightly weaker showing in the first quarter as unfavorable exchange rate effects weighed.

The company has set an operating margin target of 8-10 percent in its core car business for this year. The group margin target of more than 10 percent would be accorded equal weight in future, Peter told Handelsblatt.

Reporting by Douglas Busvine. Editing by Jane Merriman

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