BMW says profits beat expectations in first quarter

Berlin

German luxury carmaker BMW on Thursday reported first-quarter pre-tax profits that were sharply higher than expected, largely thanks to one-off financial effects.
Profits before tax increased by 27 percent to 3.0 billion euros ($3.2 billion) in the period from January to March, compared with the same period a year earlier, the Munich-based group said in a statement.
BMW enjoyed a windfall gain of 183 million euros from its stake in high-tech mapmaker Here—in which historic competitors Daimler and Audi also hold shares—after new investors climbed aboard. The carmaker’s first-quarter revenues increased by 12.4 percent to hit some 23.45 billion euros, it said in preliminary figures.—AFP