Business News
BMW reports 115 million dollar profit for third quarter
Nov 3, 2009, 9:40 GMT
Munich - The world's leading luxury carmaker BMW reported third quarter profits of 78 million euros (115 million dollars) for 2009.
The figure compared to profits of 298 million euros for the same period last year.
'We are aiming for a positive corporate result in the current business year,' said BMW chief Norbert Reithofer, adding that this could only happen if market conditions did not worsen.
Third-quarter sales fell to 11.76 billion euros, down from 12.59 billion euros for the same period last year. Overall, BMW expects sales volume to fall by 10 to 15 per cent in 2009.
New models, including a small X1 off-road vehicle and a new 5-series GT, were expected to boost sales in the coming year.
Nevertheless, BMW said it was too early to say the crisis was over. The carmaker sold 1.4 million cars in 2008.
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