CIR CEO sees no Q2 pick-up at Sogefi unit

Newswire

MILAN, May 27 (Reuters) - Italian conglomerate CIR SpA sees no improvement in second-quarter results at its auto components unit Sogefi after a weak first quarter, CIR Chief Executive Rodolfo De Benedetti said on Wednesday. In the first quarter, Sogefi's net result swung to a loss of 8.8 million euros from a profit of 9 million euros a year earlier. It said full-year sales would be significantly lower than the prior year and it was cutting costs. "In the quarter which is under way there ...

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