Cooper Standard First Quarter Net Profit Falls by 47%

Cooper Standards Co., Ltd. announced that its operating income for the first quarter of this year was US$765 million, an increase of 11% over the same period of last year, and its operating income for the same period last year was US$689 million.

In the first quarter, Cooper Standards' gross profit was US$121.7 million, a slight increase from the US$120.8 million in gross profit for the same period last year.

Cooper Standards Corporation's net profit for the first quarter of this year was US$23.8 million, a decrease of 47% year-on-year, and net profit for the same period last year was US$44.9 million.

The significant year-on-year decline in net profit was mainly due to the fact that the Cooper Standard obtained US$11.4 million in shares through the sale of a portion of the joint venture company last year. The other reasons include increased sales and management expenses, foreign exchange rate fluctuations, restructuring costs, and an increase in effective tax rates.

For the entire year of 2012, Cooper Standard anticipates that the company's operating income will be between US$2.85 billion and US$2.95 billion, and capital expenditure between US$110 million and US$120 million.