Source Pravda.Ru

Auto Business Records 31 Million Euro Loss

Bayerische Motoren Werke AG , the world’s largest maker of luxury cars, reported a 76 percent decline in second-quarter profit as the recession sapped demand for higher-priced sedans and sport-utility vehicles , Bloomberg reports.

But the quarterly EBIT figure was below the year-earlier level of 425 million euros due to months of falling unit sales and a collapse in profitability at BMW's core automotive segment.

The auto business recorded a 31 million euro loss before interest and taxes in the second quarter, compared with a EBIT of 395 million in the year-earlier period , Reuters reports.

BMW, whose brands also include Mini and Rolls-Royce, said its car deliveries fell 18 percent in the second quarter to 338,190 vehicles, compared with 413,087 a year earlier , eTaiwan News reports.

When on a state visit to Singapore, Russian President Vladimir Putin promised to revisit the discussion of the 1956 Declaration between the USSR and Japan regarding the issue of the peace treaty with Japan

Kuril Islands dispute between Russia and Japan: The impossible is impossible