Rover Group Drags BMW’s Profit Down

German luxury car maker BMW said a $1-billion loss at its Rover Group in Britain slashed its profit by 28% last year, slightly more than expected. The Munich-based car maker said 1998 net income plunged to $507.3 million from $700 million in 1997 after a whopping loss at Rover, which has been dubbed “The English Patient.” Analysts had forecast that profit would fall to $626.4 million. The company said earnings at its BMW car unit rose 25% to $2.2 billion. The company sold 1.19 million vehicles last year. BMW is trying to turn Rover around and got the green light for a major shake-up, including more than 2,500 job cuts and flexible new work rules, from British unions in December.