PARIS — French auto parts maker Valeo said its profit fell in the first half due to slowing car production in major markets.
Operating profit fell 32 percent to 514 million euros ($ 573 million), shrinking the operating margin to 5.3 percent of sales from 7.7 percent a year earlier, the Paris-based company said in a statement.
Net income fell by almost two-thirds to 162 million euros on a 1 percent slide in revenue to 9.776 billion euros. The company reiterated its full-year guidance for 2019.
Valeo, which makes a variety of electrical and thermal systems for automakers, ranks No. 10 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $ 19.68 billion in 2018.