Valeo boosted first quarter 2003 net profit 10% to 22 million euros. Sales of 2,440 million euros in the first quarter 2003 grew 1.5% year on year and the impact of exchange rates was - 5.5%, giving a gross sales drop of 4%. Apart from North America, where the group expects to benefit from the restructuring of its VESI subsidiary from 2004, sales outperformed vehicle production in all regions. In Europe, sales increased 2% whilst production dropped 4% and in Asia sales grew 27% in a market that grew by 15%.