Components maker Valeo has reported third quarter net income of €30 million compared with €38 million in 2004, due to interest expenses doubling to €16 million.

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Total operating revenues were €2,381 million, up 11.3%. Changes in the reporting entity accounted for +8.7%. Excluding the impact of exchange rates and changes in the reporting entity the group’s quarterly total operating revenues increased by 0.5%.


Vehicle production is estimated to have fallen by 4% in Europe and increased by 3% in North America (-1% for the Big 3), 9% in South America and 8% in Asia.


The gross margin for the quarter rose by 3.1% to €370 million or 15.7% of sales despite the negative impact of raw materials prices, which the group estimates to have had a gross impact of 1% in the quarter.


Actions undertaken enabled this negative margin impact to be reduced to 0.6%.

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Operating income was €77 million or 3.2% of total operating revenues compared to €74 million and 3.5% of total operating revenues for the corresponding period in 2004. This amount includes “other net expenses” of €2 million compared with €7 million in 2004. Research and development expenses and sales and administrative expenses as a percentage of total operating revenues both fell by 0.2%.


For the fourth quarter Valeo expects a slight increase in vehicle production in Europe, driven by production ramp-up in eastern Europe, and a fall in production levels of the Big 3 in North America of around 2%. Valeo aims to strengthen its market share in an environment of ongoing raw material price inflation.