StockMarketWire.com - Automotive fluid system manufacturer TI Fluid Systems booked a 7.1% fall in annual profit, owing to a weaker global auto market.

Pre-tax profit for the year through December fell to €201.7m, down from €217.1m on-year.

Revenue fell 1.8% to €3.41bn, while adjusted operating profit fell 7.9% to €258.9m.

TI Fluid Systems held its annual dividend steady at 8.96c per share.

'The group continued to outperform global light vehicle production, however, the global automotive market remains challenging given the uncertainty presented by the COVID-19 outbreak to regional and global economies,' chief executive William L. Kozyra said.

'We remain confident in our strategy, business model, operating flexibility and strength in our ability to generate positive free cash flow.'










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