Slovenian auto supplier TPV sees 39% rise in op profit for 2014 - media

TPV recorded a 13% increase in sales to 97 million euro in the first nine months, press agency STA said, citing the company. The operating profit of the group increased by 49 %, while its net profit rose in all its businesses.

The company attributed the improvement in earnings to the sale of shares in its former joint venture with US auto supplier Johnson Controls. TPV decided to withdraw from TPV Johnson Controls and sell the remaining 25% stake to its US partner, daily Dnevnik reported in September

The parent company TPV, established in 1989, makes car-body components and seats. The group also includes trailer manufacture TPV Prikolice, Serbia-based engine gasket maker TPV Sumadija and car dealers TPV Avto and TPV Center . The group is working with car manufacturers and system suppliers, such as BMW, Daimler, Renault-Nissan and Volkswagen.

($=0.8162 euro)