Faurecia has reported fiscal 2011 net income up 84% to EUR371m (US$493m), with sales increasing 17.4% to EUR16.19bn.

Operating income rose 43% to EUR651m representing 4% of total sales, while net financial debt was stable at EUR1.2bn.

For the second quarter of 2011, total sales were up 15.3% at EUR8bn, while operating income rose 30% to EUR311m, representing 3.9% of total sales. Net income increased 86% to EUR185m.

"I would like to thank all Faurecia teams for these results, which represent the best performance in the history of our group," said Faurecia chairman and CEO Yann Delabriere.

"Faurecia has from now restored solid fundamentals on which it can now rely on to develop its profitable growth strategy.

"The EUR13.5bn in new contracts won this year reflects the dynamism of our company and the confidence of our customers. Thanks to them, Faurecia should reach the EUR20bn sales mark in 2015."

For the full results, please click here.