Automakers
By GEORGE FREY
FRANKFURT (AP) -- German carmaker BMW AG said Thursday its net profit fell 90 percent in 2008 as the global economic crisis cut into demand for its sports and luxury cars. In an unscheduled preliminary earnings release, the Munich-based company said its net profit for the full year dropped to €330 million ($416 million) in 2008 from €3.1 billion in 2007. Total revenues fell 5 percent to €53 billion from €56 billion in 2007. BMW said earnings before interest and taxes, a measure of operating profit, fell 78 percent to €921 million, while the group's total car production dropped 6.6 percent to 1.44 million cars. BMW said that in addition to the weak car markets in 2008, the company was affected by €2.4 billion in costs to cover bad debts, one-time personnel costs and provisions to cover risks on used car markets. The company, which is scheduled to release its full earnings report on March 18, did not provide fourth quarter 2008 figures.TheStreet Premium Services
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