Deutsche Beteiligungs, Germany's oldest buy-out firm, illustrated the current volatility of private equity firms by turning its first quarter results from a loss to a profit with just one disposal.

The firm made a profit of €3.4m ($3.7m) after tax in the three months to the end of January 2003. The comparable period last year showed a €1.6m loss. The difference was a single disposal, the sale of Edscha, the German automotive company, to The Carlyle Group.