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BMW can't predict future

BMW has seen profits plunge and says it cannot provide a forecast for 2008 and beyond because of the uncertain economic climate.

The German firm said net profit fell 63% for the three months to September to €298m (£236.5m), reported BBC.

During the quarter, sales fell 9% to €12.6bn, from €14bn in the same three month period a year earlier.

"The knock-on effects of the international financial crisis and a downturn in the global economy had a significant negative impact on the performance of the automobile industry," BMW said. 

"Ongoing consumer reticence on the main sales markets, the weak state of the preowned car markets together with difficult refinancing conditions also took their toll on the BMW group," it added.

BMW chief executive Norbert Reithofer said difficult business conditions and the turmoil on the markets meant that it was "as good as impossible from today's perspective to make a reliable prediction of the earnings outcome for 2008".

"We will, however, achieve a result that is clearly positive," he added.


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