KUALA LUMPUR, Sept 28 -- AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has published its 2020 half-yearly results.
According to a statement, the results show AKWEL’s net earnings at €20.2 million. (€1 = RM4.839)
In the first half of 2020, AKWEL posted a consolidated turnover of €387 million, down by 31.7 per cent when comparing published figures and by 31 per cent when taking exchange rates and scope as constants.
The current operating income was down by 48.2 per cent in the first half year, at €24.3 million. Against this backdrop of an exceptional crisis in the world automotive market and with only limited provision of public aid, the robustness of AKWEL’S business model and speed at which it is able to adapt enabled it to achieve positive results.
The reduction in working capital requirements in addition to the adaptation of the investment margins made it possible to generate a free cash flow of €51.5 million in the first half of 2020. On June 30, the Group had a positive net cash position of €7.7 million, with €157.8 million of available cash.
The upturn in activity seen at the beginning 2020 has continued for AKWEL, with a cumulative turnover achieved in July and August of €153.5 million, with the fall being limited to 4.6 per cent compared to the comparable months of 2019.
The Group is continuing to invest in order to meet new market requirements as a priority, particularly in clean vehicles and new hybrid, electrical or hydrogen engine systems.
-- BERNAMA
No comments:
Post a Comment