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UPDATE 1-Autoglass owner D'Ieteren warns of profit fall
February 26, 2013 / 6:15 PM / 5 years ago

UPDATE 1-Autoglass owner D'Ieteren warns of profit fall

* Says profit to be affected by uncertain economy

* 2012 profit benefited from incentive scheme payout

* Plans 0.80 eur/share dividend (Adds details from statement)

BRUSSELS, Feb 26 (Reuters) - D‘Ieteren, owner of car window repair company Autoglass, expects its profit to shrink by up to 15 percent this year, given the uncertain economic outlook in Europe, it said on Tuesday

The company said the benefits of a cold snap at the beginning of this year -- which means more windscreens crack and need repairing -- would be offset by the weak European economy.

D‘Ieteren also reported a fall in profits for last year of more than a fifth due to mild weather which meant fewer car windows cracked.

The firm, which is also Belgium’s biggest car retailer, said its 2012 full-year pretax profit was 233.6 million euros ($305.38 million) compared with 297.3 million last year.

That included a release of 24.5 million euros which had been set aside for an executive incentive scheme. This was released due to the poor performance of the windshield business.

The group’s full-year sales were 5.5 million euros, compared with 5.4 billion euros expected on average by eight banks and brokerages polled by Thomson Reuters I/B/E/S.

D‘Ieteren said it planned to pay out a dividend of 0.80 euros per share for 2012, the same as the previous year. ($1 = 0.7649 euros) (Reporting By Ben Deighton. Editing by Jane Merriman)

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