GERMANY: BMW Q1 profit down 19.7% as product launch offensive costs bite
BMW operating profit for the first quarter of 2003 fell 17.9% to euro 830 million (first quarter 2002: euro 1,011 million) in line with expectations of the BMW Group. The decrease was attributable mainly to the continued high level of expenditure for the product and market offensive and to the expected lower sales volume of BMW brand cars.
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