July 24, 2020 / 11:59 AM / 10 days ago

CIE Automotive first half profit slumps amid car industry slowdown

MADRID (Reuters) - Spanish auto parts manufacturer CIE Automotive (CIEA.MC) reported on Friday a 61% drop in first-half net profit as the coronavirus crisis disrupted supply chains and put the brakes on global car sales.

Net profit fell to 58.3 million euros (53.1 million pounds) in the first six months of the year down from 150.1 million euros a year earlier, the company said. Core profit halved to 153.5 million euros and revenues declined 29% to 1.21 billion euros, the company said.

The company said it was optimistic that sales and margins would improve in the second half.

Reporting by Jose Elías Rodríguez and Nathan Allen; Editing by Ingrid Melander

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