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BMW 2020 profit takes pandemic hit, despite second half rebound

Stock Markets13 minutes ago (Mar 11, 2021 06:05AM ET)

(C) Reuters. FILE PHOTO: Beijing International Automotive Exhibition

LONDON (Reuters) – German carmaker BMW said on Thursday that its operating profit for 2020 fell due to spring shutdowns to slow the spread of the coronavirus pandemic, despite a strong second-half rebound in sales, particularly in China.

The premium carmaker posted a full-year 2020 pre-tax profit of 5.2 billion euros ($6.22 billion), down nearly 27% from 7.2 billion euros in the prior year. BMW ended the year with free cash flow of 3.4 billion euros, higher than in 2019 despite widespread lockdowns.

($1 = 0.8360 euros)

BMW 2020 profit takes pandemic hit, despite second half rebound

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