MILAN, March 6 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)