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The BMW Group is the third German automaker to announce ‘above expectations’ first quarter results after VW and Daimler.

It achieved a profit before tax of EUR3,005m,up 26.9% on Q1 2016’s EUR2,368m.

“This result exceeds current market expectations and was driven in particular by positive valuation effects,” BMW said.

The increase was largely due to a positive valuation effect of EUR183m in connection with the participation of new investors in the mapping service HERE, an increase in the other financial result of EUR122m, driven mainly by valuation effects and a higher profit contribution from the Chinese joint venture BMW Brilliance Automotive.

Group revenues rose 12.4% to EUR23,448m.

In the automotive segment the EBIT margin (profit/loss before financial result as a percentage of revenues) was 9.0% versus 9.4%.

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By GlobalData

BMW continues to target a slight increase in group profit before tax and an EBIT margin in the automotive segment within the range of 8 to 10% for full year 2017.

Full results will be announced on 4 May.