GKN profit down after charges

Car and plane parts maker GKN yesterday posted a four per cent drop in first-quarter profit as its auto parts unit was hit by a restructuring charge and falling vehicle production. The firm said pre-tax profit fell to £119m in the first three months of the year, in part due to a £23m restructuring charge related to job cuts in Europe and Japan. Its trading margin fell 0.7 percentage points to 7.4 per cent.