German automotive equipment supplier Duerr AG posted a net loss for the first half of 2003 and said its goal to stabilise revenues and earnings in the full year was looking increasingly ambitious, the Reuters news agency said.

According to Reuters, Duerr, which makes assembly lines and paint-shop equipment for car makers, said it expected the automotive industry to invest cautiously in the second half while a sustainable recovery of the world economy was not yet expected.

“Against this backdrop, the board sees the goal to stabilise the revenues and earnings situation in the full year as increasingly ambitious,” Duerr reportedly said in a statement.

In the six months to June, Duerr posted a net loss of €2.5 million euros ($US2.8 million), versus a net loss of €7.9 million a year ago, on a 5% rise in sales to €921.9 million, Reuters said.

Duerr said its order intake rose 29% to €1.5 billion after the group had a large order from General Motors that will run until 2006, the Reuters report added.