FRANKFURT, Germany (AP) - German luxury automaker BMW AG says earnings fell 28 percent 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 (EURO)1.28 billion ($1.57 billion) from (EURO)1.77 billion a year ago. Sales rose 7 percent to (EURO)19.2 billion.
The company said Wednesday that 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 (EURO)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 percent.
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