Italian supplier Sogefi saw its net profit rise significantly last year after the company instigated a turnaround plan.
Sogefi - one of the world's leading makers of engine systems and suspension components - said in a statement that full-year net profit was 9.3 million euros ($9.79 million) in 2016, up from 1.1 million euros in 2015.
"The results show the impact of the turnaround actions undertaken by Sogefi in the past 18 months to improve profitability and cash generation," CEO Laurent Hebenstreit said in the statement.
Revenue for the year was 1.57 billion euros ($1.67 billion), a rise of 5 percent from 1.50 billion euros in 2015. Earnings before interest and taxes rose to 75 million, representing a 47 percent increase compared to 2015.
For the fourth quarter, Sogefi reported a rise in revenue of 5.4 percent to 392.5 million euros. At the same time, EBIT at the company rose to 15.8 million euros from 7.6 million euros in 2015.
Sogefi said in the statement that it expects a "mid-single digit" percentage revenue growth in 2017, driven by demand in China, India and the Americas.