BMW Q1 net rises to $1.79 billion

FRANKFURT, Germany (AP) — German luxury carmaker BMW says net profit in the first quarter of the year rose strongly to 1.21 billion ($1.79 billion) as sales rose all around the world but particularly in China.

That’s up from last year’s 324 million.

Revenues rose 29 percent to 16.04 billion.

Sales of the company’s BMW, Mini and Rolls-Royce brands rose 13 percent in Europe, 17 percent in North America and 72 percent in China.

The profit report follows strong first-quarter results from German competitors Daimler AG and Volkswagen AG, who also benefited from strong sales in Asia.

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