Automaker BMW says 1st-quarter profit slips to € 487 mn | autos | Hindustan Times
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Automaker BMW says 1st-quarter profit slips to € 487 mn

Luxury automaker BMW AG said on Tuesday that its first-quarter profit slipped from a year ago because of a one-time charge on risk provisions even as its sales continued to steadily rise.

autos Updated: Apr 29, 2008 12:30 IST

Luxury automaker BMW AG said on Tuesday that its first-quarter profit slipped from a year ago because of a one-time charge on risk provisions even as its sales continued to steadily rise.

The Munich-based company, whose brands include BMW, Mini and Rolls-Royce, earned € 487 million ($761 million) in the January-March period compared with € 587 million a year earlier. That was less than the € 589 million ($920.5 million) that analysts polled by Dow Jones Newswires had forecast.

Sales were up 11 per cent to nearly € 13.3 billion ($20.8 billion) from nearly € 12 billion in the first three months of 2007, better than the € 12.6 billion ($19.7 billion) that analysts forecast.