D'Ieteren posts 6.6% rise in profit despite strong decline in automotive business
D'Ieteren posts 6.6% rise in profit despite strong decline in automotive business Sept 9 (Reuters) - Belgian holding group D'Ieteren IETB.BR reported a 6.6% rise in half-year profit on Wednesday, helped by lower financial charges and despite a big fall at its Automotive business.
It also said that shareholders of vehicle glass repair and replacement company Belron, in which D'Ieteren owns a 50.3% stake, are evaluating strategic options for the minority shareholders' stakes, including a potential listing of the company.
Group adjusted profit before tax was €482.4 million ($560.9 million).
Belron's profit rose 28.6% to €308.2 million, helped by lower financial charges.
D'Ieteren Automotive's profit fell 66.6% to €36.4 million, impacted by market weakness with negative volume.
PHE and TVH improved profit, Moleskine reduced losses
The group confirmed its full-year guidance.
($1 = 0.8600 euros)
(Reporting by Mathias de Rozario in Gdansk. Editing by Mark Potter)
((mathias.derozario@thomsonreuters.com))