ElringKlinger remains in profit, despite 20% fall in sales

ERJ staff report (DS)

Dettingen/Erms, Germany -- In the first quarter of 2009, ElringKlinger reported a decline in consolidated sales of 20.3% to EUR 129.7 (162.8) million. Despite adverse market conditions, the Group recorded a positive operating result and net income after minorities (profit attributable to owners of the parent) of EUR 2.0 (18.9) million. At EUR 22.7 (26.1) million, net cash from operating activities was 13.0% down on the substantial figure posted in the same quarter a year ago.

Within the Original Equipment segment, which supplies vehicle manufacturers, sales declined by 24.0 % in the first quarter of 2009 to EUR 87.3 (114.8) million. The aftermarket business contracted just slightly by 5.8% to EUR 24.6 (26.2) million. In contrast to the weak markets in Europe and North America, ElringKlinger achieved revenue growth of 16.5% in Asia as a whole, taking sales within this region to EUR 16.4 (14.1) million.

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Press release from ElringKlinger

Lengthy Q1 report from ElringKlinger