BMW earnings drop 28% over higher costs for investments August 1, 2012 - 12:06 AMT PanARMENIAN.Net - German luxury automaker BMW AG says earnings fell 28 percent in the second quarter due to higher costs for investments in new technology, and after a large one-time plus from the year-ago quarter affected the comparison, AP said. Net profit fell to €1.28 billion ($1.57 billion) from €1.77 billion a year ago. Sales rose 7 percent to €19.2 billion. The company said Wednesday that higher costs for new technologies, vehicle development and personnel played a role in the earnings decrease. It also said that the previous year's quarter had seen record earnings boosted by €464 million in one-time additions to earnings. The company reported record sales of 475,000 vehicles and said its profit margins remained at a strong 11.6 percent.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty  Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza.Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations.Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |
