UPDATE 2-Valeo Q1 profits tumble on high costs, poor demand

Newswire

(Adds details, analyst comment) PARIS, April 26 (Reuters) - Europe's largest listed car-part maker Valeo posted a 76 percent fall in first-quarter net profits as high raw materials costs, a tax rebate last year and falling car production took their toll. Valeo made a net profit of 25 million euros ($33 million) in the first three months of the year, using new IFRS accounting rules, compared with 105 million euros in the year-earlier quarter, the company said on Tuesday. "The first ...

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