Italian supplier Sogefi reported a 23.6% increase in its third quarter net profit to EUR7.6m (US$10.39m), boosted by business outside Europe.

Sogefi, which is owned by Italy’s De Benedetti family through its CIR holding, said non European markets contributed to 36% of total revenues for the first nine months of this year. However, the company said it expects limited growth in the global car market for the rest of 2013.

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The focus will be on its international business to offset continued low levels of production in Europe. The company added that “efficiency enhancing initiatives” could lead to higher restructuring costs in the later part of the year.

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