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Faurecia profit drops as Europe production falls
January 15, 2013 / 5:17 PM / 5 years ago

Faurecia profit drops as Europe production falls

PARIS, Jan 15 (Reuters) - French car parts maker Faurecia posted a 62 percent drop in full-year net income on Tuesday, hit partly by restructuring charges to cope with falling auto production levels in Europe.

The company added that while sales, operating income and net profit were in line with its guidance, net financial debt was above its forecast, at 1.8 billion euros ($2.4 billion).

“The rapid slowdown in automotive production in Europe, particularly in the last two months of the year, led to an increase in inventories - raw materials and supplies - and a lower level in the sales of receivables,” Faurecia said. ($1 = 0.7492 euros) (Reporting by James Regan; Editing by Leila Abboud)

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