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8 May, 2019 00:00 00 AM
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BMW reports plunge in profits in Q1

AFP, Frankfurt

German high-end carmaker BMW yesterday reported a plunge in profits in the first quarter as it booked a 1.4-billion-euro ($1.6 billion) charge related to an EU cartel probe.

Net profits at the group nosedived 74.2 per cent year-on-year, to 588 million euros, the group said in a statement.

Brussels' allegation that BMW colluded with Daimler and Volkswagen to avoid competing on emission control technology means "it is probable that the EU Commission will issue a significant fine," the Munich-based manufacturer said.

BMW already warned investors when details of the probe were published last month that it would have to set aside at least a billion euros.

But the firm said competition authorities are trying "to equate the permissible coordination of industry positions regarding the regulatory framework with unlawful cartel agreements".

"If necessary (BMW) will contest the EU Commission's allegations with all the legal means at its disposal," it added.

On top of the provision, the group said growing research and development costs and investments had also sapped earnings, while revenue fell 0.9 per cent to 22.5 billion euros.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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