Valeo Q1 profits tumble on high costs, poor demand

Newswire

PARIS, April 26 (Reuters) - Europe's largest listed car part maker Valeo posted a 76 percent fall in first-quarter net profits on Tuesday, as high raw material costs, a year-earlier tax rebate and falling car production took a toll. Valeo said it made a net profit of 25 million euros in the first three months of the year, using new IFRS accounting rules, compared to 105 million euros in the year-earlier quarter. The first quarter 2004 included an 83 million euro tax rebate.

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