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BMW   BMW reported a pre-tax profit of 3 billion euros

BMW Q1 profits beat expectations on China's higher contribution

BMW GroupBMW posted a better-than-expected pre-tax profit for the first quarter of 2017y, driven by a rise in earnings from its Chinese joint venture and positive valuation effects.

BMW reported a pre-tax profit of 3 billion euros ($3.23 billion) for the first three months, surging 27 percent compared to the same period in 2016.

READ MORE BFA-Bankia reports profit of 827 million euros in H1 2014

BMW's jump in profits was largely driven by a one-off revaluation of its stake in the mapping service HERE as well as higher profit from its operation in China.

Revenues climbed by 12.4 percent to 23.45 billion euros in the reporting period.

But its EBIT margin (profit/loss before financial result as a percentage of revenues) in the automotive segment - a key indicator of profitability - sank to 9.0 percent in the first quarter, compared to 9.4 percent a year ago.

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