Spanish car parts maker Cie Automotive on Wednesday reported an 8% jump to EUR17.3m in first quarter operating profits, boosted by higher revenues and operational efficiencies.
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Turnover increased 12% to EUR217.4m while net profits leapt 25% to EUR10.9m, the company said in a statement.
Cie attributed the profit hike to strong sales in its international divisions, particularly in Brazil, Mexico, Portugal and Czech Republic, where it said revenues jumped 62%.
Efforts to improve operations, customer service and control costs helped Cie ride out an increase in raw-material prices, the company said.
Profit margins rose to 5% of sales from 4.5% last year, Cie added.
Chief executive Ignacio Martin said that the company’s first-quarter performance, coupled with its recent acquisitions, should help the company to sharply increase its profits this year.
Cie is engaged in an acquisition campaign to bulk up its business by tapping into emerging markets and more value-added businesses.
The company recently acquired a majority stake in compatriot biofuels maker Bionor to begin producing biodiesel in Spain and Italy. It also recently bought Brazilian components maker Sada Forjas and has presented a takeover bid for Romanian peer Matricon.
