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PARIS, July 24 (Reuters) - French car parts maker Valeo on Thursday posted a higher first-half profit thanks to lower debt-servicing costs and a significant tax reimbursement.
Europe's largest listed car supplier said profit after one-off items rose to 102 million euros, compared with 68 million euros in the year-earlier first half.
But operating profit in the first half was nearly flat at 241 million euros versus 240 million, on sales of 4.85 billion euros. Sales fell from 5.18 billion euros a year ago as a result of the rise in the euro.
The firm, which makes windscreen wipers, headlights and hi-tech parking gadgets, said a reduction in working capital requirements as well as cost-cutting had helped it cope with a difficult European car market.
Net indebtedness fell 27 percent over the half to 414 million euros at the end of June from 564 million at the end of December, leading to a fall in debt-servicing costs.
Ten analysts polled by Reuters had forecast a first-half average net profit of 80 million euros and an operating profit of 252 million euros.
Valeo clawed back into the black last year thanks to a revamp spearheaded by Chairman Thierry Morin after charges linked to its loss-making U.S. Rochester windscreen-wiper unit had pounded it to a loss.
Morin said in a statement on Thursday that Valeo would continue to "rationalise its industrial base" in the second half of the year.
In the second quarter, Valeo earned 80 million euros, compared with 22 million euros in the first quarter.