BMW reports 1Q net loss of euro152 mn

FRANKFURT: German carmaker BMW AG reported Wednesday a small net loss for the first quarter as the global recession cut deeper into car sales, adding that the future of the market remained uncertain for the rest of the year.

The Munich-based company said it lost euro152 million ($202 million) in the January-March period compared with a net profit of euro487 million in the first quarter of 2008.

Sales for the period fell 13 percent to euro11.5 billion from euro13.3 billion in the first quarter of 2008.

``In view of the fact that it is almost impossible to predict how the global economy will fare in the near future, it is still currently not feasible to give reliable earnings forecasts for the full year,'' BMW said in its report.

``In view of the ongoing weakness of the markets, it is likely that the BMW group's worldwide sales volume will be lower than in the previous year,'' the company said.

BMW's brands also include Mini and Rolls Royce.