BMW net profit in the first quarter fell 4 times


German carmaker BMW reported weak financial results for the first quarter of 2019. Net profit, recorded in the amount of 561 million euros, fell over the year by 75%. Experts had expected it to fall even more - to 489 million euros. Pre-tax profit decreased by 78% compared to the same period last year, reaching 589 million euros. Revenues amounted to 22.46 billion euros, down over the year by 0.9%. Economists estimate that the figure was expected to be 22.13 billion euros. BMW financial statements for the quarter included funds in the amount of 1.4 billion euros, reserved to cover the risks associated with the European Commission's investigation of the possible introduction of emission reduction technologies by BMW, Daimler and Volkswagen automakers. The automotive division of BMW recorded a loss of 310 million euros, whereas a year earlier it reported a profit of 1.88 billion euros. During trading on Tuesday, BMW shares fell 1.2%.

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