KUALA LUMPUR, Feb 9 (Bernama) -- AKWEL, parts and systems manufacturer for the automotive and heavy-vehicle industry, has posted a consolidated turnover of 1,066.4 million euros for 2023, reflecting a 9.6 per cent increase at constant scope and exchange rates, in line with forecasts released by the group. (1 euro = RM5.15)
According to AKWEL in a statement, in the fourth quarter of financial year 2023, the group recorded a turnover of 267.4 million euros, an increase of 7.2 per cent as reported and 9.4 per cent at constant scope and exchange rates.
In a strategic move to mitigate the impact of exchange rate fluctuations, the group now adopts the euro as the functional currency for consolidating results for its Turkish subsidiaries.
Meanwhile, AKWEL's net cash excluding lease obligations grew, reaching 118.3 million euros by year-end.
In terms of business activity, product lines were the strongest drivers in 2023, including Air intake with an increase of 26.3 per cent, Washer systems (17.3 per cent) and Cooling (9.6 per cent).
A growth in business activity, as well as the group’s ability to gradually pass on some of the cost increases it has faced, lend credence to a growth in current operating income in 2023 compared to 2022.
However, costs relating to industrial restructuring in France along with the closure of the Gournay-en-Bray site are expected to take a toll on operating and net income.
Based on forecasts of stable global automotive production, AKWEL currently anticipates a similar level of business activity in 2024 to that of 2023.
-- BERNAMA
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