BMW has announced a 60 per cent operating profit drop in the second quarter – although this is less than market analysts had feared.
Profit before interest and tax fell to 169 million euros (£144m) from 425m euros (£361m) in the second quarter of 2008. Analysts had expected a 90 per cent drop.
BMW returned to a 21m euro net (£18m) profit in the second quarter, after it had posted a loss in the first three months of the year.
However, Norbert Reithofer, BMW’s chief executive, cautioned it was too early to predict the end of trhe car sales crisis.
“Despite of first positive signals, a sweeping and enduring economic recovery is not in sight,” Reithofer said.
Combined, BMW, Mini and Rolls Royce lost 31m euros (£26m), as opposed to 395m euros (£336m) of profit in the same period last year.