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CIE Automotive first-half profit slumps amid car industry slowdown

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 ($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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