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BMW profits rise in 'best year ever'

Frankfurt - German automaker BMW AG says net profit increased 4.4% last year to €5.1bn ($6.6bn), helped by a big sales jump in Asia and a better market in the United States.

The company, based in Munich, said on Thursday that unit sales rose 31% in Asia, including a 40% rise in China excluding Hong Kong. Sales in the US climbed 14%. Sales of the 1-series compact increased 28% while the mainstay 3-series sedan saw a 6% rise.

Overall revenues rose 12% to €76.8bn. The company said profits were held back by investments in new technologies and increased personnel costs.

Still, CEO Norbert Reithofer called it "the most successful year in BMW Group corporate history".

The company's workforce grew by 6% last year to 105 876 and the company said it was still looking for engineers and other skilled workers to keep pace with sales demand and technological change.

Fourth-quarter earnings jumped 37% to €1.2bn on sales that rose 12% to €20.5bn.

Reithofer gave a cautious outlook, saying sales would increase but that "economic conditions are likely to remain challenging in many markets".


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