May 15, 2018 / 7:13 PM / a year ago

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

FRANKFURT, May 15 (Reuters) - Germany’s BMW 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 unfavourable 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. ($1 = 0.8437 euros) (Reporting by Douglas Busvine. Editing by Jane Merriman)

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