Automaker BMW reported that net profit fell slightly in the first quarter from a year earlier, when the company had a large one-time expense. The company said that it remained financially solid with 19 billion euros in cash at the end of the first quarter. Net profit fell by 2.4 percent to 574 million euros in the first three months of the year, down from 588 million euros in the first quarter of 2019, the company said Wednesday. Car sales fell by 21 percent in the quarter as first China and then Europe and the United States saw dealerships closed during the outbreak. Earnings were supported by a favorable product mix in which vehicles with higher profit margins predominated.

Source: The Standard May 06, 2020 09:42 UTC