TORONTO, April 22 (Reuters) - Wescast Industries Inc. reported a narrower first-quarter profit on Tuesday, because of higher income taxes and costs at new facilities.
Wescast, the world's No. 1 manufacturer of exhaust manifolds for cars and light trucks, said net earnings were C$10.7 million ($7.4 million), or 76 Canadian cents a share, down from C$18.5 million, or C$1.39 a share, for the same period last year.
Revenue at the Brantford, Ontario-based company rose 19 percent to C$125.2 million from C$104.9 million in the year-earlier quarter.
North American vehicle sales have slowed after a torrid 2002, when revenues were boosted by low-interest dealer financings and other lucrative incentives.
The company warned last quarter that 2003 sales and earnings were likely to be hurt by its acquisitions of Georgia Ductile, a U.S.-based chassis manufacturer, and of a stake in the Weslin manifold operation in Hungary. Neither operation is expected to be profitable in the coming year.
($1=$1.45 Canadian)