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BMW FY20 Profit Down On Weak Deliveries; Sees Significantly Higher Profit In FY21

German luxury car maker BMW AG (BMW.L,BAMXF.PK,BAMXY.PK) reported Wednesday that its fiscal 2020 Group net profit declined 23.2 percent to 3.86 billion euros from last year's 5.02 billion euros. Earnings per share fell 23.2 percent to 5.75 euros from 7.49 euros last year.

Profit before tax fell 26.6 percent to 5.22 billion euros from 7.12 billion euros a year ago.

Revenues dropped 5 percent to 99 billion euros from 104.21 billion euros a year ago.

Deliveries declined 8.4 percent to 2.33 million vehicles.

Looking ahead for fiscal 2021, the company now expects Group profit before tax to rise significantly.

Despite the volatile situation brought about by the global spread of coronavirus, the BMW Group expects business to develop positively and the risk situation to remain stable in the financial year 2021.

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