Retail in Asia

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China drives up profit at BMW

BMW AG said on Tuesday that its second-quarter net profit more than doubled due to booming demand for luxury cars in major markets such as China.

The German vehicle manufacturer’s net profit jumped to EUR1.8 billion (USD2.57 billion), compared with EUR831 million in the same period a year earlier. Revenue rose 17 percent to EUR17.89 billion from EUR15.35 billion.

BMW said it hopes to sell a record 1.6 million-plus cars in 2011, even though momentum is expected to slow in the second half due to model changeovers.

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(Source: The Wall Street Journal Online)