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BMW profits jumped 27 per cent from a year ago in the first quarter, even as margins thinned.

The German maker of luxury cars said profit before tax in the first three months of the year jumped to €3bn, from €2.37bn a year earlier. Revenues were up a less robust 12.4 per cent to €23.45bn, while margins in its auto unit fell from 9.4 per cent to 9.0 per cent.

Shares of BMW were flat just after the results, likely because the solid figures were driven by one-offs.

A revised valuation for HERE, a mapping service it jointly-purchased with Daimler and Audi in 2015, lifted profits by €183m. Another €122m came from the “other” category, “driven mainly by valuation effects,” BMW said. Thirdly, BMW recorded a higher contribution from its joint-venture in China.

In the auto division alone, which includes Mini and Rolls-Royce, profits were up 6.1 per cent to €1.871bn.

BMW, Daimler and Volkswagen have each pre-released their results, as disclosure rules in Germany encourage companies to post figures early if they differ widely from market expectations.

BMW said it continued to expect operating margins between 8-10 per cent for the full year.

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