Turnover at BMW Automotive Ireland was up 30% year-on-year to 105.9m (£85.3m) in 2011 despite its finance arm returning a loss of 1.3m for the year.
The director’s report attributed the deficit to the "start-up nature of operations" at BMW Financial Services (Ireland) which was "in line with expectations", with profits expected for 2012.
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Retail finance revenues, which totalled 941,000 in 2010, were up to 5.25m, however. 74m was lent in hire-purchase contracts over the year, 32.8m was lent in wholesale and stocking loans to BMW dealers, and 3.1m was provided for bad debts.
Overall operating profit for BMW Automotive Ireland in 2011 stood at 3.4m, compared to a loss of 2.8m in 2010.
Sales of new BMW cars were up 30.9% year-on-year to 3,433 units, in a market which only grew by 1.7%, giving the German brand a market share of 3.8%.
Market share for 2012 to the end of September is up to 4.3% with brand sales almost passing the 2011 total with 3,274 new registrations. Mini, part of the BMW parent group, has already passed its 2011 total of 422 units with 433 new registrations by the end of September.
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By GlobalDatarichard.brown@vrlfinancialnews.com
