BMW Posts Higher Q1 Profit

posted a 4 percent gain in its net profit for the first quarter. BMW's quarterly net profit surged to EUR1.52 billion, versus a year-earlier profit of EUR1.47 billion. EPS climbed to 2.30 euros from 2.22 euros. Profit before tax surged 5.1 percent to 2.27 billion euros in the quarter. Its revenue climbed 14.7 percent to EUR20.92 billion. Automobile sales volume of the group rose 8.1 percent to 526,669 units. BMW brand sales gained 5.4 percent to 451,576 cars in the first quarter. BMW's sales in China gained 6.4 percent, while sales rose 9.6 percent in Europe. The company's sales in the US jumped nearly 13 percent. BMW shares rose 0.23 percent to close at $39.65 yesterday.