April 18, 2013 / 6:16 AM / 4 years ago

Parts maker GKN profit falls 4 pct

1 Min Read

LONDON, April 18 (Reuters) - Car and plane parts maker GKN posted a 4 percent drop in first-quarter profit as its auto parts unit was hit by falling vehicle production in Europe, Japan and India.

GKN, which makes about 55 percent of profits from its Driveline autos business, on Thursday said pretax profit fell to 119 million pounds ($181.3 million) in the three months to the end of March after a 23 million pounds restructuring charge.

Its trading margin fell 0.7 percentage points to 7.4 percent.

First-quarter profits at its automotive business fell but its aerospace unit reported strong profit growth.

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