Toyota, BMW profit drops

Wednesday, Aug. 3, 2005 | 9:23 a.m.

Toyota Motor Corp. and Bayerische Motoren Werke AG posted the second consecutive declines in quarterly earnings as their expansion plans swelled costs and a weaker dollar eroded U.S. sales gains.

Net income at Toyota, the world's second-biggest carmaker, fell 6.9 percent to 267 billion yen ($2.39 billion) in the quarter ended in June, the Toyota City, Japan-based company said today. Net income at BMW, the world's largest maker of luxury cars, dropped 1.2 percent to 663 million euros ($807 million), the Munich-based company said.

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