Austria's Polytec says Q1 net profit quadruples

Newswire

VIENNA, May 19 (Reuters) - Austrian car parts maker Polytec's first-quarter net profit more than quadrupled, helped by a solid economic situation and a fall in its tax rate, the company said on Friday. In its first results statement since its initial public offering last month, Polytec said unconsolidated net profit rose 307 percent to 5.2 million euros ($6.65 million) in the three months to March 31. The company said the macroeconomic situation stabilised in the first quarter. "The ...

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