AFP, FRANKFURT AM MAIN, GermanyGerman high-end automaker BMW AG yesterday reported a plunge in profits in the first quarter of this year as it booked a 1.4 billion euro (US$1.6 billion) charge related to an EU cartel probe. Net profits at the group nosedived 74.2 percent year-on-year to 588 million euros from 2.28 billion euros, the group said in a statement. BMW already warned investors when details of the probe were published last month that it would have to set aside at least 1 billion euros. On top of the provision, the group said growing research and development costs and investments had also sapped earnings, while revenue fell 0.9 percent to 22.46 billion euros. Excluding the effect of the provision, BMW achieved an operating margin of 5.6 percent, lower than in the first three months of last year.

Source: Taipei Times May 07, 2019 16:05 UTC