Sogefi's 2012 net profit up 22% on N. America growth
Italian supplier counts on oversees markets to offset further decline in Europe
MILAN (Reuters) -- Italian car parts supplier Sogefi said on Tuesday its full year 2012 profit rose 22 percent to 29.3 million euros as growth at its North American operations powered sales.
For 2013, the company said it expects to continue to grow in non-European markets, especially in North America and Asia.
The maker of engine filtration, air intake and cooling systems sees a slight decline in European market volumes. Commodity prices are seen as stable, and the company will continue to "take action to increase efficiency."
Sogefi said its full-year 2012 revenues rose to a record high of 1.3 billion euros, fueled by growth in emerging markets, which offset declines in Europe.Contact Automotive News