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.
After WWII, the Soviet army left Austria, and the latter had always remained a neutral state and never joined NATO
Russia experienced default on August 17, 1998. Today, 20 years after those events, the economic situation in Russia does not seem stable to many