BMW reports profits surge in Q1

BERLIN: German luxury car maker BMW announced on Wednesday a four-fold increase in net profits for the first quarter and increased its sales forecast for the year.

BMW said it made a net profit of 1.2 billion euros ($1.8 billion) in the first quarter, compared to 324 million euros over the same period in 2010, beating the average analyst forecast of 1.0 billion euros.

Sales also exceeded forecasts at 16 billion euros, up 29 percent.

The firm also said it expected to sell "far more" than the 1.5 million vehicles it had earlier planned for.