UPDATE 2-Valeo profits climb, margin rise boosts shares


(Adds details, background) By Rebecca Harrison PARIS, April 23 (Reuters) - Europe's largest listed car parts maker Valeo posted a smaller-than-expected 10 percent rise in first-quarter net profit on Wednesday, but saw its shares rise in early trade as investors cheered improvement in its operating margin. Valeo said in a statement that net profit in the first three quarters climbed to 22 million euros from 20 million previously, well below a consensus forecast for 37 million euros. ...

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