Valeo H1 net profit down 60.1 percent

Newswire

PARIS, July 21 (Reuters) - Europe's largest listed car part maker Valeo posted a 60.1 percent fall in first-half net profit on Thursday, due to high raw material costs and a tax rebate last year. The maker of clutches, windscreen wipers and parking gadgets said net profit totalled 73 million euros, using new IFRS accounting rules, compared to 183 million a year ago. Operating profit was 153 million euros in the six months to end-June against 222 million in the like-for-like period a year ...

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