August 1, 2013 / 5:51 AM / 4 years ago

BMW posts 13 pct drop in Q2 automotive EBIT

BERLIN/FRANKFURT, Aug 1 (Reuters) - German luxury carmaker BMW said second-quarter operating profit in its key automotive division fell in line with expectations, due to increased spending on fuel-efficient technology and discounts in embattled European markets.

The company said on Thursday that the segment’s earnings before interest and tax (EBIT) dropped 13 percent to 1.76 billion euros ($2.34 billion), matching a 1.77 billion-euro consensus forecast in a Reuters poll.

This reduced its automotive EBIT margin by 2 percentage points to 9.6 percent in the second quarter. ($1 = 0.7531 euros) (Reporting by Andreas Cremer and Christiaan Hetzner; Editing by Christoph Steitz)

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