Sogefi posts loss on restructuring costs, currency woes
MILAN (Reuters) -- Italian supplier Sogefi reported a net loss for the first quarter after results were hit by restructuring charges and the negative effect of exchange rates.
The group, one of the world's key producers of engine systems and suspension components, posted a net loss of 6.3 million euros ($8.69 million) for the three months to the end of March, down from a profit of 7 million euros in the same period last year, the company said in a statement on Wednesday.
The company, owned by Italy's De Benedetti family through its CIR holding, said the global car market would likely grow this year, driven by China. A more contained expansion is expected in North America, while Europe will likely see its market stabilizing. The Brazilian and Argentine markets are expected to remain weak, Sogefi added.
Sogefi said it would focus this year on increasing its presence outside Europe, while boosting efficiency in its European operations and improving its product mix.Contact Automotive News