FRANKFURT - German luxury automaker BMW AG says earnings fell 28 per cent in the second quarter due to higher costs for investments in new technology, and after a large one-time plus from the year-ago quarter affected the comparison.
Net profit fell to €1.28 billion from €1.77 billion a year ago. Sales rose 7 per cent to €19.2 billion.
The company said higher costs for new technologies, vehicle development and personnel played a role in the earnings decrease. It also said that the previous year's quarter had seen record earnings boosted by €464 million in one-time additions to earnings.
The company reported record sales of 475,000 vehicles and said its profit margins remained at a strong 11.6 per cent.