BMW profits are driven down

BMW, the luxury carmaker from Germany, yesterday said its third-quarter profits fell off sharply in the third quarter due to a slump in consumer spending on big-ticket items. Profit slumped 73.8 per cent to €78m (£70.5m), but BMW said it hopes to make a full-year profit after recent signs of recovery. Sales at the company slumped 7.2 per cent in the period.