MADRID -- Spanish supplier CIE Automotive reported a 61 percent drop in first-half net profit as the coronavirus crisis disrupted supply chains and put the brakes on global car sales.
Net profit fell to 58.3 million euros ($67.59 million) in the first six months of the year, down from 150.1 million euros a year earlier, the company said.
Core profit halved to 153.5 million euros and revenues declined 29 percent to 1.21 billion euros, CIE said.
The supplier said it was optimistic that sales and margins would improve in the second half.
CIE Automotive ranks No. 59 on the Automotive News Europe list of the top 100 global suppliers, with worldwide sales to automakers of $3.98 billion in 2019. Europe accounted for 42 percent of that total.