MONTREAL, Quebec, Dec 12 (Reuters) - Spectra Premium Industries Inc. , a Canadian auto-parts maker, posted lower profits in the third quarter on Thursday because of intense competition in Asia for fuel tank sales.
Earnings for the period ended Oct. 31 were C$1.53 million, or 5 Canadian cents a share, down from earnings of C$2.44 million, or 8 Canadian cents a share, for the same period last year.
Sales were C$60.2 million, up 1.7 percent from C$59.26 million during the same quarter last year.
The Montreal-based firm said it expected to cut costs in 2003 and forecast business would pick up next year.
"The corporation expects to regain market share on fuel tanks in the North American market in upcoming quarters, as a result of measures deployed over the past months, including increasingly aggressive pricing policies in the U.S. market," it said in a statement.
Spectra also announced on Thursday an agreement with Bombardier Recreational Products, a unit of Bombardier Inc. , to develop and manufacture aluminum radiators for Bombardier's all-terrain vehicles. Potential annual commercial value of the deal was C$18 million to C$23 million starting in 2003, it said. ($1= $1.56 Canadian)