Gestamp has has recorded first quarter net profit up 33% to EUR55m (US$60m) with revenues rising 16.1% to EUR2.1bn (US$2.3bn).

EBITDA totalled EUR222m, 15.4% more than in Q1 last year, while EBIT reached EUR120m, up 20.5%.

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Gestamp has grown its operations in all regions, due to volume increases in existing programmes and the ramp up of new projects.

Western Europe grew by 16.5% to EUR1.1bn, Eastern Europe increased sales by 28.8% to EUR224m, Mercosur by 51.1% to EUR117m, North America 7.9% to EUR393m and Asia 6.7% to EUR263m.

“In line with our strategic goal of staying close to our customers, we have launched important projects such as the construction of our first plant in Japan, the introduction of our first hot stamping line in India, as well as the addition of Romania to our footprint,” said Gestamp president and CEO, Francisco Riberas.

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In Q1 2017, Gestamp made investments amounting to EUR225m in support of awarded projects.

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“We are satisfied with our financial results in the first quarter, which are consistent with our objectives for the year,” added Riberas.

“We will continue to invest for our growth, while maintaining a conservative risk profile and a solid financial base.”

Gestamp is a Spanish multinational specialised in the design, development and manufacture of metal components and assemblies for vehicle manufacturers. Products cover the areas of bodywork, chassis and mechanisms.

The company is present in 21 countries with 99 manufacturing plants and nine in construction, 12 R&D centres, and a workforce of more than 36,000 employees worldwide.

In 2016, turnover was EUR7.5bn.