MILAN (Reuters) -- Italian supplier Sogefi reported a 25 percent drop in 2013 net profit to 21.1 million euros ($29 million) as the company was hit by higher financial charges and restructuring costs.
Sogefi, owned by Italy's De Benedetti family through its CIR holding, said revenues rose 1 percent to 1.3 billion euros. The company decided not to distribute a dividend to preserve cash, it said.
The group, one of the world's key producers of engine systems and suspension components, said it would focus this year on increasing its presence outside Europe, improving its product mix and focus on boosting efficiency in its European operations.
Sogefi said it expects the overall global car market to grow in 2014, driven by China, modest growth in North and South America and further stabilization in Europe.