KUALA LUMPUR, July 26 (Bernama) -- Specialised automotive and heavy goods vehicle equipment and systems manufacturer Akwel has posted a consolidated turnover of €566.5 million in the 2019 half-year. (€1=RM4.59)
The company's turnover recorded a 3.4 per cent hike (€559.3 million in 2018) when comparing like-for-like figures.
This performance took place in a global automotive industry under pressure, with a drop in product volumes of around seven per cent during this period, particularly in China and other key emerging markets.
The determination of some customers to limit their stockpiles slowed deliveries in June, but early July volumes have returned to more normal levels.
The group’s net debt was down approximately €18.2 million as of June 30 this year compared to Dec 31 last year, confirming the actions taken to optimise working capital and planned reduction in industrial investment.
Given the performance recorded, Akwel expects to further increase its activity with a return to positive free cash flow and achieve a turnover in the region of €1.2 billion by 2020.
-- BERNAMA
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