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CIE Automotive Q1 profit climbs 54.3% YOY

CIE Automotive SA said its first-quarter normalized net income came to €30.2 million, a gain of 54.3% from €19.6 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 4.6% from 3.7% in the year-earlier period.

Total revenue grew 24.8% on an annual basis to €662.5 million from €530.7 million, and total operating expenses rose 23.7% from the prior-year period to €602.2 million from €486.7 million.

Reported net income rose 60.3% on an annual basis to €31.1 million, or 24 cents per share, from €19.4 million.