Tuesday 3 November 2009 7:00 pm

BMW profits are driven down

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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.