CIE Automotive has achieved a new company record for sales, EBITDA and net profit in the first quarter of 2011. Revenue rose 26.8% to EUR488.8m, EBITDA was up 29% to EUR63.3m and net profit surged 79% to EUR18.9m.
The supplier cited its strength in emerging markets – notably Brazil and Mexico – and the recovery of the business in Europe where vehicle production is expected to reach 19.4m in 2011, up 19% compared to recession-hit 2009.
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CEO Antón Pradera told the annual meeting in Bilbao: “Our multi-technology, globalised, diversified and flexible business model allows us to accommodate demand rapidly and seize business opportunities.”
Shareholders were told CIE expects sales of EUR2bn by 2013, to double 2009 EBITDA by 2012 and double the 2010 net profit within three years.
It expects much of the growth in Asia and Russia where 50% of its market is expected to be concentrated in coming years.
