Parts maker Faurecia has posted first-half 2007 operating income of EUR62.8m (1.0% of sales) compared with EUR85.1m in H1 2006, (1.4%) and a loss of EUR15.9m in H2 ‘06.
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“The upturn in operating income, compared with the second half of 2006, is attributable to increased activity and improved manufacturing performance, despite the significant losses made on operations in North America,” Faurecia said, adding that provisions for restructuring operations, mainly for manufacturing sites in France and Spain, totalled EUR39.9m.
Net loss in the first half of 2007 was EUR47m compared with a net loss of EUR48.2m a year previously. Consolidated sales rose 8.9% to EUR6.5bn in the first half.
“2007 should see further growth for the group – although at a slightly less sustained rate in the second half than in the first – and the containment of its debt. This year therefore represents the first step in Faurecia’s operational recovery plan,” the company said.
New chief executive Yann Delabriere told a press conference Faurecia needs to boost its performance but does not need to change its strategy, according to Reuters.
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By GlobalDataSepararately, the news agency said the car parts group had said it aimed to source 50% of its supplies in low-cost countries by 2010, up from the current 32%.
