BMW GAVE a tepid markets outlook after third-quarter operating profit before interest and tax shrank 86 per cent amid a global economic slump. Its car business lost €76 million before interest and tax in the quarter.
“We expect the markets will make a gradual recovery over the coming year,” chief executive Norbert Reithofer said.
The company said its three traditional big markets – North America, Europe and Japan – were expected to generate low and below-average growth in the quarters ahead and saw scant relief on the foreign exchange-rate front.
BMW had said last month that 2009 sales volume might drop by only 10 to 15 per cent.
In the first nine months of 2009, group volumes fell 15.7 per cent to 939,554 vehicles.
BMW’s third-quarter earnings of €76 million compares with a reported third-quarter earnings figure for arch-rival Mercedes of €470 million.
Volkswagen, the parent of premium brand Audi, made an operating profit of €278 million. (Reuters)