Akwel 1h Net Income Group Share At 19.2 Mln Euro

KUALA LUMPUR, Oct 2 (Bernama) -- AKWEL, the automotive and heavy good vehicle (HGV) equipment and systems manufacturer, has posted its net income group share of 19.2 million euro for the first half of this year, compared to 1.9 million euro, a year ago. (1 euro = RM4.96)

Meanwhile, revenue for the first half increased 8.6 per cent to 533.2 million euro from 491.0 million euro, same period a year ago.

Continued growth in business volumes, combined with better control of costs and sales prices, have led to a return to a more significant level of profitability. Pressures on costs remain high, however, particularly on the wage bill.

In this context, gross operating surplus was up by 15.8 per cent to 49.0 million euro, and current operating income rose by 70.6 per cent to 30.2 million euro, according to a statement.

The investment for this half-year stood at 22.9 million euro, and the change in working capital requirement (WCR) was 32.1 million euro, to finance the increase in activity.

The performances recorded in the first half of the year and better control of costs and sales prices make it possible to forecast an increase in operating profitability over the entire year.

Concurrently, the group has appointed Benoit Coutier as Chief Financial Officer, effective Oct 1.

-- BERNAMA