Valeo's first quarter 2002 profit of 20 million euros (0.8 percent of sales) is a 111 percent improvement on the loss of 179 million euros in first quarter 2001. Sales of 2,550 million euros were down 5.5 percent on the same period in 2001 but Valeo says this drop is due to the impact of changes in the reporting entity of -2.7 percent resulting from an "ongoing selective divestment programme".