BMW profits rise in 'most successful year' ever

FRANKFURT, Germany (AP) — German automaker BMW AG says net profit increased 4.4 percent last year to €5.1 billion ($6.6 billion), helped by big sales jump in Asia and a better market in the United States.

The company, based in Munich, said Thursday that unit sales rose 31 percent in Asia, including a 40 percent rise in China excluding Hong Kong. Sales in the U.S. climbed 14 percent. Sales of the 1-series compact increased 28 percent while the mainstay 3-series sedan saw a 6 percent rise.

Overall revenues rose 12 percent to €76.8 billion. The company said profits were held back by investments in new technologies and increased personnel costs.

Still, CEO Norbert Reithofer called it "the most successful year in BMW Group corporate history."