BMW operating profits take a hit in Q1

BMW reported falls of 25% in operating profit and 19% in pre-tax profit for Q1 with lower contributions by all three divisions: automotive, financial services and motorcycles. Although car sales were a little higher, the automotive division's revenue fell by 1.1% as mix and price weakened. The division's Ebit fell by 29% to €2.7bn, reflecting higher R&D expense, selling expense and other cost increases.