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CIE Automotive H1 profit slumps amid car industry slowdown

MADRID, July 24 – Spanish auto parts manufacturer CIE Automotive 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 ($67.59 million) 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. ($1 = 0.8626 euros) (Reporting by Jose Elías Rodríguez and Nathan Allen; Editing by Ingrid Melander)

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