Dettingen/Erms (Germany) - The ElringKlinger Group increased both revenues and earnings in the first nine months of the 2007 financial year.
The automotive supplier increased sales by EUR 62.0 million or 15.6% to EUR 460.0 million compared with €398.0 million in the same period a year ago. The company said, Product ramp-ups, the continuing rise in diesel share of new car registrations and buoyant demand for specialty gaskets and thermal shielding components for the exhaust tract proved to be the principal growth drivers.
The expansion of ElringKlinger's business activities in Asia, led by China and Korea as well as India, where the company will be opening a new plant in the coming weeks, also produced forward momentum.
The company suffered a fire at its Runkel plant in mid-April 2007, but all effects were covered by insurance compensation. In view of the fact that the insurance proceeds were in excess of the residual amounts to be written off in connection with damaged machinery, plant and buildings, the company earned non-recurring extraordinary income of EUR 4.7 million, which was accounted for in the second quarter.
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Press release from ElringKlinger