Valeo has recorded sales growth of 15.4% in the first quarter to EUR2.344bn. Excluding the impact of exchange rates (+3.4%), growth was 12%.
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Income before tax was down 2.8% to EUR35m, due to the rise in financial expenses relating to acquisitions and a share buyback programme implemented in the first half of 2005.
Net income for the period amounted to EUR23m, compared to EUR25m for first quarter 2005.
For the rest of the year, Valeo anticipates a slowdown in automotive production in Europe and North America due mainly to an unfavourable calendar.
