BMW profit drops in the second quarter

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Source: BBC
According to the German carmaker BMW quarterly report, the profit fell sharply in the second quarter, mostly, due to increased staff costs, rise in spending on R&D and severe competition in the market. BMW reported on 1.28bn euros net profit, 28 per cent less than the previous year. Meanwhile, revenues jumped 7 per cent to 19.2bn euros. At the same time, vehicle sale increased by 5.4 per cent to 475,011 during the second quarter.


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