Car maker BMW reaped the benefit of selling off Rover last year, with a leap in first-quarter profits to almost £500m from just over £100m last year.
BMW said it was confident that its strong sales and profits would continue in 2001. But it said the start of production for the Mini One/Mini Cooper at Cowley and the new BMW 7 series in Germany would mean heavy costs in the second half of the year.
The results, which were at the high end of expectations, sent shares up three per cent on the German stock market yesterday.
Total sales for the BMW Group reached £5bn, an increase of 7.2 per cent from the first quarter of last year.
Joachim Milberg, BMW chairman, said: "The record figures for the first quarter 2001 prove that our consistent focus on premium brands is taking effect and is being successfully implemented."
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