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)
Reporting By Nick Carey, editing by Thomas Escritt