(Reuters) – Luxury carmaker Porsche’s return on sales in the first quarter was on par with last year’s at 18.2%, but revenue and operating profit jumped by a quarter after the carmaker’s deliveries hit a record high, the company reported on Wednesday.

The carmaker, which reported an 18% rise in deliveries in the first quarter boosted by a large increase in China, reaffirmed its targets for 2023 of hitting a return on sales of 17% to 19% on revenue of 40 to 42 billion euros.

Operating profit in its financial services arm declined to 86 million euros from 102 million previously, which it attributed to the valuation of interest rate hedges and derivatives as well as the impact of the interest rate rise on financing products.