BMW'S PROFIT FALLS BY 15 PER CENT

MUNICH, NOVEMBER 4 /SRNA/ – German car manufacturer BMW recorded a nearly 15 per cent decline in net profit in the third quarter due to weak sales in China, the company announced.

The Munich-based company said its net profit fell to EUR 1.45 billion compared with the same period last year. The decline was mainly driven by poor performance in China, where German carmakers are facing falling demand, growing competition and a price war, the DPA news agency reported. BMW vehicle sales in China fell by around a quarter, while the company managed to offset part of the decline through increased sales in Europe and the USA. Global sales of BMW vehicles fell by 6.3 per cent in the third quarter, while revenue declined by 5.8 per cent to EUR 30.5 billion.