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BMW Q3 net profit falls 63%

BMW Q3 net profit falls 63%
AP
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First Published: Tue, Nov 04 2008. 02 25 PM IST
Updated: Tue, Nov 04 2008. 02 25 PM IST
Frankfurt: Carmaker BMW AG said Tuesday its net profit for the third quarter dropped 63% as global demand for its sports and luxury cars fell off.
The Munich-based company said net profit for the July-September period fell to €298 million ($375.5 million) from €803 million a year ago.
Sales for the quarter fell 9% to €12.6 billion ($16 billion) from €14 billion in the same quarter a year ago. The company said it could not give a concrete outlook.
“Due to the worsening of the financial crisis, it is currently impossible to make stable forecasts for the rest of the year and beyond,” BMW said in a statement.
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First Published: Tue, Nov 04 2008. 02 25 PM IST