BMW profit falls

Luxury automaker BMW AG said Tuesday that its first-quarter profit fell 17 per cent because of a one-time charge taken to better insulate the company from lower used-car prices and the risk of defaults on loans for leased cars in the U.S.

The Munich-based company, whose brands include BMW, Mini and Rolls-Royce, earned 487 million euros ($761 million (U.S.)) in the January-March period compared with 587 million euros a year earlier.

The drop in profit was the result of the 236 million euro ($368.82 million) provision taken in the quarter, the company said.