BMW profit decline

Carmaker BMW saw its profits dive by three-quarters in the three months to the end of June as sales slipped during the economic downturn.

Net profit came in at 121m euros ($174m; £103m), 76% lower than the 507m euros it made a year earlier.

The firm said despite “some tentative positive signs, a lasting and wide ranging recovery is not yet in sight”.

Earlier on Monday, the world’s biggest carmaker Toyota reported a big quarterly loss after sales slumped.

Source: BBC News