SPAIN: CIE Automotive’s nine months profit falls 4% to US$62.6m

Despite uncertainty in some markets, CIE Automotive remains confident of equalling its 2011 results. In the first nine months of the current year, sales were EUR1,179m (US$1,529m) (down 8%) and net profit was EUR48.3m, 4% less than the same period in 2011, a record year for the company.

EBITDA for the nine-month period was EUR170.6m. The automotive unit EBITDA margin was 16.4%, or 95% of group EBITDA.

All this was down mainly to improvements in results in Europe and Mexico, to an upsurge in business in Asia and to improvements in management and productivity in all business units.

CIE Automotive president Antón Pradera said the group had returned to its policy of growth.

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