CIE Automotive profit plunders due to COVID-19 aftermath
The pandemia continues to shape the world economy as well as the car industry. Spanish auto group appears to be another victim of the worsening economic conditions.
Stocks impacted: CIE Automotive (CIE)
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.
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