BMW reports record quarter, sees record year

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German automaker BMW said on Thursday that the first quarter of this year was its best ever, surprising with an 18.1 per cent rise in net profits on a 12-month comparison to 1.35 billion euros ($1.8 billion).

Sales surged by 14.1 per cent to 18.3 billion euros and earnings before interest and tax by 18.8 per cent to 2.13 billion euros, also exceeding expectations.

The firm, which makes top-of-the-range cars, said it expected to achieve sales and pre-tax profits records for the year.