German luxury carmaker BMW says first-quarter net profit rose almost fourfold to euro1.21 billion ($1.79 billion) as sales climbed all around the world, but particularly in China.
Profits were up from last year's euro324 million. Revenues grew 29 per cent to euro16.04 billion.
BMW, which includes the Mini and Rolls-Royce brands, saw especially big sales increases in Asia, where it sold 53 per cent more cars, including a 72 per cent jump in China.
Wednesday's results confirmed a strong quarter for Germany's export-oriented carmakers, whose luxury products are selling strongly in China's booming economy. First-quarter earnings for Daimler AG, maker of Mercedes-Benz cars, nearly doubled to euro1.18 billion and Volkswagen AG, maker of the Audi luxury brand, saw profits more than triple to euro1.7 billion.
For BMW, sales also grew significantly in Europe, despite an uneven recovery there, and in North America.
BMW sold 13 per cent more cars in Europe, which remains its biggest market with 200,000 vehicles out of the company's overall sales of 383,000. The European luxury segment has held up better than the car market as a whole, which shrank slightly.
Source: New Age
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