• First quarter profit after tax of EUR324m
  • EBIT of automobiles segment rises to EUR291m
  • Group earnings to increase for 2010

BMW has posted first quarter profit after tax of EUR324m (US$420m) after a loss of EUR152m in the same period last year.

Group revenues, sales volume and earnings of the BMW Group all improved sharply year on year.

Revenues grew 8.1% to EUR12.4bn, while EBIT rose to EUR449m from a loss of EUR55m in the comparable 2009 quarter.

Vehicle sales increased 13.8% to 315,614 units compared to 277,264 in 2009.

"The BMW Group has made a good start to 2010 - we increased earnings significantly in the first quarter and are now back on a growth course on almost all car markets", said chairman Norbert Reithofer.

"The BMW Group continues to make good progress with its 'Strategy Number One'", he added. "We expect that earnings will grow dynamically during the course of the year."

"We intend to remain the world's leading provider of premium cars in 2010 and plan to increase our sales volume within a solid single-digit percentage range to more than 1.3m," he added.

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