German luxury carmaker BMW has reported a sharp fall in third-quarter profits, blaming a fall in consumers spending.
Net profit sank 73.8% to 78m euros ($115m; £70.5m). However, the carmaker said it hoped to make a full-year profit after recent signs of recovery.
Total sales of BMW, Mini and Rolls-Royce brand cars were 7.2% lower at 324,100 in the third quarter.
Over the first nine months of 2009, sales were down 15.7% on a year before, BMW said.
“The measures we have put in place to increase efficiency and reduce costs are taking effect,” stated Norbert Reithofer, chairman of the board of management of BMW.
“We are aiming to achieve positive group earnings for the current financial year,” he added.
The positive outlook is based on the assumption that the global economy and conditions in the car markets do not worsen before the end of the year.
Source: BBC News