Bmw shows a 60 percent drop in operating profits
By Andrew C., 26 Aug, 2010. 0 Comments
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BMW's operating profit dropped 60% in the second quarter. While this is not a cause for celebration, it is still not as bad as the 90% drop that many market analysts had predicted. Profit before interest and tax fell to 169 million euros from 425 million euros in the second quarter of 2008. BMW returned to a 21 million euro net profit in the second quarter, after it had posted a loss in the first three months of the year. Norbert Reithofer, BMW's chief executive, isn't hasty to conclude that the end of the car sales crisis is already at hand. He said that despite some positive signals, "a sweeping and enduring economic recovery is not in sight." When combined, BMW, Mini and Rolls Royce lost 31 million euros, as opposed to 395 million euros of profit in the same period last year.
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