BMW makes loss in first quarter

May 6th, 2009 - 4:07 pm ICT by IANS  

Munich, May 6 (DPA) The world’s leading luxury carmaker BMW swung into a first quarter loss, the company said Wednesday, as the global recession reduced demand for premium vehicles.
Munich-based BMW reported a 152-million-euro ($202 million) net loss during the first three months of the year and said it was unable to provide a reliable full-year forecast amid the crisis in the world car industry.

“In view of the difficult conditions still prevailing on the financial markets, we remain focussed in our efforts to improve our liquidity position,” BMW chief Norbert Reithofer said releasing the results.

BMW’s net first-quarter loss came after it posted a net profit of 487 million euros in the first three months of last year.

The carmaker said its earnings before interest and tax (EBIT) also recorded a 55 million-euro loss compared with a 827 million-euro profit in 2008 with first-quarter revenue falling by 13.4 percent to 11.5 billion euros from 13.3 billion euros.

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