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.
Since the likes of the traditional Inauguration Day in the national Capitol are likely never to be witnessed again, take this opportunity from one who has been there to relate some truth about the experience