Luxury car maker BMW AG today reported a four–fold jump in net profit to €1.2 billion (USD 1.8 billion) in the first quarter of 2011 driven by strong demand in Asia, mainly China.
In the year–ago period, the company had a net profit of €324 million, BMW said in statement. The company's revenue in the quarter under review increased to €16 billion from €12.4 billion in the first quarter of 2010.
“We have generated record earnings and sold more cars in a first quarter than ever before,” the BMW Chairman, Mr Norbert Reithofer, said.
In terms of geography, Asia was the best performer in the first quarter, with the number of cars sold rising by 53 per cent to 90,148 units, including 58,706 units in China.
Sales in the US rose by 18.2 per cent to 65,163 units.