AKWEL RECORDS TURNOVER OF EURO 826.3 MILLION, INCREASES 3.3 PER CENT PLUS
KUALA LUMPUR, Nov 15 -- Akwel, the automotive and HGV equipment and systems manufacturer has posted consolidated turnover of €826.3 million on Sept 30, 2019, an increase of over 3.3 per cent. (€1 = RM4.58)
In the first nine months of 2019, Akwel recorded turnover increase of over 4.3 per cent when comparing like-for-like figures, according to a statement.
This performance was achieved against the backdrop of a global automotive industry in which conditions were still difficult, with a drop in product volumes of around -7 per cent.
With an investment budget more in line with normality this year and a more efficient management of working capital requirements, the group generated a free cash-flow of €38.6 million over nine months.
It also achieved a reduction in its net financial debts of €30.6 million (excluding the impact of IFRS 16) compared to the situation on Dec 31, 2018, of which €12.6 million came in the third quarter.
AKWEL can confirm all of the targets announced for the 2019 and 2020 financial years: growth in turnover, growth in operating profit and a return to a positive free cash flow in 2019, with a turnover of around €1.2 billion next year.
-- BERNAMA
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