LONDON (Reuters) – BMW said on Thursday its first-quarter profit soared thanks to a reevaluation of the German carmaker’s stake in its Chinese joint venture, while strong pricing offset lower sales hit by supply chain issues.
The company reported a net profit of 10.2 billion euros ($10.8 billion) versus 2.8 billion euros a year earlier. Excluding the impact of the stake in its joint venture with Brilliance Auto Group, BMW reported an operating profit of 3.4 billion euros, up from 3 billion euros a year earlier.
($1 = 0.9422 euros)
(Reporting by Nick Carey; Editing by Jacqueline Wong)
