Expansion in emerging markets continued to fuel Spanish auto-parts maker Cie Automotive’s profits in the first nine months of 2006.
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The company posted a 14.5% jump in operating profits to EUR31.2m in the period. Revenues increased 18.4% to EUR692m while net earnings rose 14.5% to EUR54.2m, the company said in a statement.
Basque Country-based Cie said its recent moves in Brazil, Czech Republic and Mexican boosted its fortunes.
The earnings hike reflects “the dynamism of our subsidiaries in the emerging markets,” the company said, adding that the region now accounts for 33% of group revenues.
This year Cie bought a big stake in Brasilian parts maker Durametal. It also bid for 95% of Romanian component maker Matricon in a deal which has now closed, the company said.
Cie is also fast muscling into the fast-growing global biofuels industry.
Earlier this year, the company bought Spanish producer Bionor, which operates biodiesel factories in the Basque Country, Italy and Brasil.
Bionor hopes to produce 550,000 cubic metres of biodiesel by 2009.
Ivan Castano
