BMW Q1 net profit rises to 1.8 billion dollars

The world's largest luxury car maker, BMW, announced a four-fold increase in net profits for the first quarter Wednesday.

BMW said it made a net profit of 1.2 billion euros (1.8 billion US dollars) in the first quarter, compared to 324 million euros in the same period last year.

"We have generated record earnings and sold more cars in a first quarter than ever before," chief executive Norbert Reithofer said. "The BMW Group is well on its way toward achieving new sales volume and earnings records for the full year."

The company has adjusted its full-year sales forecast to "well over" 1.5 million vehicles.

In 2010, BMW sold 1.46 million cars worldwide, with growth in almost all major markets, up from 1.29 million in the previous year.

Several other German car makers have recorded first-quarter sales booms due to strong demand from emerging markets.

Last week, Daimler reported a 71-percent rise in operating profit for the first quarter due to strong sales of its Mercedes S-class, while Audi doubled its first quarter operating profit to 1.12 billion euros (1.66 billion US dollars) on an annual basis.

German luxury sports car maker Porsche said it sold about 23,400 cars in the first quarter, up 13 percent from last year, while revenue jumped 10.1 percent to 2.3 billion euros (3.40 billion US dollars) due to robust demand from emerging markets.