KUALA LUMPUR, Sept 27 -- AKWEL, manufacturer of automotive and heavy goods vehicle components and specialist in fluid management and mechanisms, has announced its half-year (HY1 2019) results.
During that period, AKWEL recorded sales of €566.5 million, up 1.3 per cent and 3.4 per cent on a like-for-like basis. (€1 = RM4.58)
One of the company’s major highlights over the past half-year was a positive free cash flow target, which stands at €26.1 million versus -€3.3 million in HY1 2018.
The Group also maintained significant investments. The continued pressure regarding raw materials and exchange rate effects led to an increase in some purchase prices over the period.
The AKWEL group's net financial debt decreased significantly from €40.6 million to €27.5 million in HY1. Shareholders' equity amounted to €478.5 million at June 30 versus €454 million at Dec 31, 2018.
AKWEL now intends to focus more on boosting profitability. Efforts over the next six months shall focus specifically on improving industrial performance and the agility of facilities to keep resources more efficiently in line with business volume.
Against this backdrop, the Group anticipates higher operating income than in the previous year, given the favourable base effect related to an additional €23 million in non-recurring provisions recorded in 2018.
AKWEL also confirms its target of achieving approximately €1.2 billion in sales by 2020.
-- BERNAMA
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