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BMW reports first-quarter net loss

Posted Wednesday, May 6, 2009, 1:27 pm in Employee News

German carmaker BMW AG reported a small net loss for the first quarter Wednesday, as the global recession cut deeper into car sales, and said the future of the market remained uncertain for the rest of the year, the Associated Press reported.

The Munich, Germany-based company said it lost 152 million euros ($202 million) in the January-March period compared with a net profit of 487 euros million in the first quarter of 2008, the news service said. Sales for the period fell 13 percent to 11.5 billion euros from 13.3 billion euros, the AP said.

“In view of the fact that it is almost impossible to predict how the global economy will fare in the near future, it is still currently not feasible to give reliable earnings forecasts for the full year,” BMW said in its report. “In view of the ongoing weakness of the markets, it is likely that the BMW group’s worldwide sales volume will be lower than in the previous year,” the company said. (Associated Press/Detroit News)
 
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