PARIS Feb 22 French auto parts maker Valeo
said profit dropped 11 percent last year despite
record orders for its fuel-saving and safety technologies.
The Paris-based company pledged to maintain profitability in
2013 despite an expected 4 percent decline in European auto
production after net income fell to 380 million euros ($502
million) in 2012.
Sales rose 8.2 percent to 11.8 billion euros last year on
record orders, the company said, reiterating its medium-term
goal of exceeding a 7 percent operating margin.
Full-year operating profit rose 3 percent to 725 million
euros, for a 6.2 percent margin, a level Valeo said it expects
to sustain this year as global auto production edges up a
forecast 1 percent.
Valeo said it would propose a dividend of 1.50 euros per
share, up 7 percent on last year's payout.
($1 = 0.7563 euros)
(Reporting by Gilles Guillaume and Laurence Frost; Editing by