US car parts suppliers Delphi and Visteon both recorded first-quarter profits in 2009, despite the global sales crisis in the automotive industry dramatically cutting the firms’ revenues.
Visteon’s $2 million (£1.3 million) profit is the first profit for the firm since 2006 and is in stark contrast to the $105 million (£68 million) loss it posted for the same period last year.
That figure is deceptive, however, as the loss-making British arm of Visteon was placed in administration at the end of March.
Delphi’s $556 million (£336 million) profit is more realistic, although the firm, which is in its fourth year of a bankruptcy protection case, is benefitting from cutting $1.2 billion (£790 million) in healthcare costs for retired workers.
Visteon was spun off from Ford in 2000, while Delphi became independent of parent company GM in 1999.