Bearings and vehicle component maker Schaeffler said it remains “optimistic” this year, even though profits fell in 2012 by 1.9% to EUR872m (US$1.13 bn).

Earnings before interest and tax (EBIT), dropped by 17.6% to EUR1.4bn  while revenues grew by 4% to EUR11.1bn.

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Chief executive Juergen Geissinger said: “The Schaeffler group continued its course for growth in 2012 despite a market environment that weakened increasingly over the course of the year.”

The company said it is not expecting the European automotive markets to recover quickly and “North America and Asia/Pacific are and will remain  growth drivers”.

Geissinger added: “Based on these factors, we are aiming for revenue growth of approximately 4% and an EBIT margin of approximately 13% in 2013.”

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