Brembo 2013 net profit up 14 pct, sees good start to 2014

MILAN, March 6 Thu Mar 6, 2014 6:28am EST

MILAN, March 6 (Reuters) - Italian brakes maker Brembo on Thursday reported a 14.4 percent rise in full-year net profit, boosted by higher sales in Germany, the United Kingdom and North America, and said its order book confirmed a good start to 2014.

The company, which supplies brakes to carmakers including Ferrari and Porsche, said 2013 net profit rose to 89 million euros ($122.3 million) from 77.8 million euros the previous year, while revenue was up 12.8 percent to 1.57 billion euros.

Brembo said the agenda for its next shareholder meeting included a proposal to grant the board the power to increase share capital, excluding option rights, in order to access capital quickly when market opportunities arise.

The company said, however, that the board had no intention to exercise this power immediately.

The board also approved the proposal for a new buy-back plan to be submitted at the shareholder meeting. Currently, Brembo owns 2.616 percent of its own capital. ($1 = 0.7278 euros) (Reporting by Agnieszka Flak, editing by Isla Binnie)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.