Sharp fall in BMW profits
German luxury carmaker BMW has reported a sharp fall in third-quarter profits, blaming a fall in consumers spending.
Net profit sank 73.8% to 78m euros ($115m; £70.5m). However, the carmaker said it hoped to make a full-year profit after recent signs of recovery.
Total sales of BMW, Mini and Rolls-Royce brand cars were 7.2% lower at 324,100 in the third quarter.
Over the first nine months of 2009, sales were down 15.7% on a year before, BMW said.
“The measures we have put in place to increase efficiency and reduce costs are taking effect,” stated Norbert Reithofer, chairman of the board of management of BMW.
“We are aiming to achieve positive group earnings for the current financial year,” he added.
The positive outlook is based on the assumption that the global economy and conditions in the car markets do not worsen before the end of the year.
Source: BBC News
Buying A New Car? The Motor Trade Insider Guide To Buying New Cars >>>Click Here<<<
Blogging and Social Media Services for the Automotive Industry
- Ford has announced profits of almost $1bn (£611m) between July and September thanks to increased market share and a successful [...]...
- Honda’s profits for the July to September period more than halved after car sales continued to fall during the global [...]...
- India’s largest carmaker, Tata Motors, has soundly beaten expectations for its quarterly profit. The company made a net profit of 7.29bn [...]...
- Hyundai have beaten forecasts with a record quarterly profit as government incentives fueled strong global sales of its cheap, fuel-efficient [...]...
- Volkswagen’s cash pile has continued to grow since December and second-quarter operating profit easily beat expectations, Europe’s largest carmaker said [...]...
- Tata Motors has announced a 58% rise in net profits as lower steel costs helped outweigh a fall in vehicle [...]...
![[Valid RSS]](http://www.motor-trade-insider.com/images/valid-rss.png "Validate my RSS feed")
