Auto supplier Valeo forecasts strong quarterly sales

27th September 2010, Comments 0 comments

French auto supplier Valeo said on Monday that second-quarter sales were higher than previously forecast owing to unexpectedly strong recovery in the auto sector.

Global auto production would increase by 19 percent this year, higher than the increase of 16-percent the group had forecast previously.

As a result, international sales by Valeo would be "significantly higher" than forecast in July, the company said.

The new second-quarter figures would be released on October 21, the day Valeo reports its third-quarter sales, the company said.

In July, Valeo reported profits of 168 million euros (225 million dollars) in the first six months against a loss of 213 million euros in the same period in 2009.

© 2010 AFP

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