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Profits suffer at BMW

BMW has reported a sharp fall in Q3 profits.

Net profit slumped 73.8% to £70.5m in the quarter, although BMW said it hopes to still achieve a full-year profit.

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 carmaker said it still saw positive 2009 earnings thanks to cost cuts even as it repeated sales volume was set to fall 10-15%.

"We expect that the markets will make a gradual recovery over the coming year," chief executive Norbert Reithofer said.

But the company said the traditional big three markets - North America, Europe and Japan - were expected to generate low and below-average growth in the quarters ahead and saw scant relief on the foreign exchange rate front.

 



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