Car parts group Valeo Q1 profits up, keeps '08 goal
French car parts group Valeo posted a forecast-beating 21.6 percent rise in first quarter operating profit on Friday, helped by cost cuts and despite a weaker automotive market.
By Agencies |
PARIS: French car parts group Valeo posted a forecast-beating 21.6 percent rise in first quarter operating profit on Friday, helped by cost cuts and despite a weaker automotive market.
Valeo, which has been under pressure from activist fund Pardus Capital Management, which has a stake of around 20 percent in Valeo, to boost value for shareholders, kept its goal to improve its operating margin in 2008.
Operating profit rose to 90 million euros from 74 million in the same quarter 2007 while net profit rose 30.3 percent to 43 million euros. Analysts polled by Reuters estimates eyed net profit of 35.7 million euros and an operating profit of 78.75 million euros.
Valeo, which has been under pressure from activist fund Pardus Capital Management, which has a stake of around 20 percent in Valeo, to boost value for shareholders, kept its goal to improve its operating margin in 2008.
Operating profit rose to 90 million euros from 74 million in the same quarter 2007 while net profit rose 30.3 percent to 43 million euros. Analysts polled by Reuters estimates eyed net profit of 35.7 million euros and an operating profit of 78.75 million euros.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
