July 24, 2019 / 4:25 PM / a month ago

Valeo's first-half profit falls amid car production slump

PARIS, July 24 (Reuters) - French auto parts maker Valeo said its profit fell in the first half due to slowing car production in major markets.

Operating profit fell 32% to 514 million euros ($573 million), shrinking the operating margin to 5.3% of sales from 7.7% a year earlier, the Paris-based company said in a statement.

Net income fell by almost two-thirds to 162 million euros on a 1% slide in revenue to 9.776 billion euros. The company reiterated its full-year guidance for 2019.

$1 = 0.8973 euros Reporting by Laurence Frost; Editing by Susan Fenton

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