Related News
Q4 loss of US$917m for BMW
By Tom Lavell |
March 13, 2009, Friday
|
Print Edition
Print Edition
BAYERISCHE Motor Werke AG, the world's biggest luxury car maker, said it had a fourth-quarter loss before interest and taxes after setting aside money for slower used-car sales and spending on job cuts.
The loss was 718 million euros (US$917 million) compared with earnings before interest and taxes of 1.31 billion euros, the Munich-based auto maker said in an e-mailed statement yesterday. Full-year net income dropped 89 percent to 330 million euros.
Volkswagen AG, Europe's biggest car maker, reported a 22-percent drop in fourth-quarter profit yesterday, Bloomberg News said.
Car sales in Europe plunged 27 percent to the lowest in two decades last month and contracted 37 percent to a 28-year low in the United States.
BMW took provisions throughout 2008 for bad debt and declining values of vehicles returned on lease.
The charge in the fourth quarter amounted to 931 million euros, almost half the 1.97 billion euros budgeted for the entire year.
The loss was 718 million euros (US$917 million) compared with earnings before interest and taxes of 1.31 billion euros, the Munich-based auto maker said in an e-mailed statement yesterday. Full-year net income dropped 89 percent to 330 million euros.
Volkswagen AG, Europe's biggest car maker, reported a 22-percent drop in fourth-quarter profit yesterday, Bloomberg News said.
Car sales in Europe plunged 27 percent to the lowest in two decades last month and contracted 37 percent to a 28-year low in the United States.
BMW took provisions throughout 2008 for bad debt and declining values of vehicles returned on lease.
The charge in the fourth quarter amounted to 931 million euros, almost half the 1.97 billion euros budgeted for the entire year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
