German chemicals group BASF on Thursday raised its targets for 2021 after a recovery in the virus-hit auto sector and higher prices for raw materials boosted first-quarter profits. The Ludwigshafen-based group booked a net profit of 1.7 billion euros ($2.0 billion) between January and March, up 94 percent on a year earlier. Revenues climbed 16 percent year-on-year to 19.4 billion euros, it said in a statement. "BASF had a strong start to the year 2021," said chief executive Martin Brudermueller. The group was pushed into the red last year as the pandemic hit swathes of industries in which BASF is a crucial part of the supply chain, from aviation to car manufacturing. The robust first-quarter performance was powered by its automotive business, which benefited from a swift rebound in the key Chinese and American car markets after the initial pandemic shock. Strong demand for basic chemicals and higher prices for precious metals also boosted earnings, BASF said. The group is now more optimistic about its full-year outlook, citing "the stronger-than-expected recovery of the global economy and much higher raw materials prices than planned". BASF now expects full-year pre-tax profits (EBIT) between 5.0 billion and 5.8 billion euros, up from a previous target of 4.1-5.0 billion. The firm, whose chemicals are also used in pharmaceuticals, cleaning products, food and agriculture, employs more than 110,000 people globally. It launched a turnaround plan last year that includes shedding 2,000 jobs by the end of 2022 to cut costs. fcz-mfp/hmn/lth