UPDATE 1-Valeo net profit climbs 10 pct

Newswire

(Adds details, background) PARIS, April 23 (Reuters) - Europe's largest listed car parts maker Valeo posted a forecast-lagging 10 percent rise in first-quarter net profit on Wednesday as tough cost-cutting helped it resist a wobbly European car market. Valeo said in a statement that net profit in the first three quarters climbed to 22 million euros from 20 million previously, while operating profit rose to 109 million from 98 million, for an operating margin of 4.5 percent, up from 3.8 ...

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