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Autoneum says it has increased net sales in local currencies by 10.6% in a stagnating market in 2015.

Net sales rose by 6.7% from CHF1.9bn (US$1.89bn) to CHF2.08bn despite the strength of the Swiss franc.

As a result of what Autoneum maintains was strong production capacity utilisation in Europe, material efficiency and increases in productivity, there was improvement in the operating result in 2015.

Based on the unaudited figures it is expected net profit will be lower than in the previous year despite the improved operating result, due to one-time expenses associated with the payment of CHF31.5m to the German Federal Cartel Office and a normalisation of the tax ratio.

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By GlobalData