FRANKFURT, May 7 (Reuters) - BMW’s first quarter operating profit fell 78 percent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker took a hit from higher investment spending and a 1.4 billion euros ($1.57 bln) legal provision.
BMW’s first-quarter earnings before interest and taxes were below the 666 million euros forecast in an analyst poll, weighed down by a 36 percent jump in spending on property, plants and equipment.
BMW said its automotive division delivered a loss. Excluding the impact of the legal provision to cover a potential anti-trust fine, BMW’s automotive division delivered an operating margin of 5.6 percent in the first quarter, the carmaker said on Tuesday.
$1 = 0.8921 euros Reporting by Edward Taylor Editing by Thomas Seythal