BMW’s Q2 profit slides 76%

BMW’s Q2 profit slides 76%

Berlin: Luxury automaker BMW AG says its second-quarter profit skidded 76% lower as consumers put off buying its pricey vehicles. It said a “lasting" economic recovery was not yet in sight.

The Munich-based company earned euro121 million ($173 million) in the April-June period, compared with euro507 million a year earlier.

Sales fell 11%, dropping to euro12.9 billion from euro14.5 billion.

Chief executive Norbert Reithofer says that despite “some tentative positive signals, a lasting and wide-ranging recovery is not yet in sight."