BMW Q3 net profit falls 63%

BMW Q3 net profit falls 63%

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.