UPDATE 3-Valeo first-quarter profit tumbles on high costs

Newswire

(Adds trader comment, updates shares) PARIS, April 26 (Reuters) - Valeo posted a 76 percent fall in first-quarter profit, on high costs and a tax rebate last year, but the stock rose as Europe's largest listed car-part maker stuck to a goal of outperforming the market. Valeo earned 25 million euros ($33 million) in the first three months of the year, under new IFRS accounting rules, compared with 105 million euros in the year-earlier quarter. The first quarter of 2004 included a tax ...

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