MADRID – Spanish auto elements producer CIE Automotive reported on Friday a 61% drop in first-half web profit because the coronavirus disaster disrupted provide chains and put the brakes on world car gross sales.
Net profit fell to 58.three million euros ($67.59 million) within 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 gross sales and margins would enhance within the second half.
($1 = 0.8626 euros)