Profits plunged at US motor parts group Visteon, which has a plant in Belfast, but they still managed to beat broker forecasts.

The group, which employs 516 at its Dunmurry plant, saw profits fall 79 per cent to $31 million or 24 US cents a share, down from $1.13 a share in the year-ago period, but ahead of the 17 cents per share analyst forecast.

The second-largest parts supplier's fortunes - formerly a part of the Ford group - mirrored the decline in motor production. It attributed its better than expected out-turn to effective cost reduction.

The company has already announced plans to cut 1,800 jobs worldwide.