German luxury car maker BMW has reported a decline in profits in the first three months of this year, but said it is sticking to its full-year targets despite, AFP has reported. Net profit was down 3% year-on-year at €1.312bn and operating profit fell by 4.5% to €2.039bn. Worldwide deliveries by BMW, which also owns Mini and Rolls-Royce, rose 5.3% to a total of 448,200 vehicles, but revenues were fell 4.1% at €17.546bn due to "higher expenditure on new technologies, increased personnel expenses and challenging market conditions worldwide," the company said. "We achieved a new sales volume record for a first quarter. And ... we managed to keep revenues and earnings at high levels," said chief executive Norbert Reithofer. As a result, BMW "remains committed to its targets for the full year within a difficult and volatile economic environment, Reithofer added.