The German automaker BMW AG released earnings that disappointed market participants. The company announced a 28% decline in its profits for the second quarter, which it partly attributed to increasing costs for staff and investments in new technology. It also warned that the deepening Europe debt crisis and the slow Chinese growth will have an adverse effect on its business. The fall in company’s profits also came in after the automaker announced large one-time gains for the second quarter of 2011, while the German firm’s figures for the current period were otherwise quite strong . BMW shares traded 4%t lower at €58.27. Net profit dropped to €1.28 billion from €1.77 billion for the second quarter of 2011. Sales increased by 7% to €19.2 billion.
