Sogefi has reported a consolidated full-year net result down 83% to EUR3.6m (US$4.1m) compared to EUR21.1m in 2013 and has decided not to distribute a dividend in order to reduce debt of EUR304.3m.

Revenue was up 1.1% or 4.4% at the same exchange rates to EUR1.3bn, with the company noting South America and restructuring had lowered margins.

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Strong growth of sales in North America (+10.6%) and Asia (+39.5%) compensated for continuing weakness in the South American market (-19.2%).

As well as by Mercosur, margins were also affected by restructuring (EUR21.1m in the year) and by what Sogefi refers to as “some resulting temporary industrial inefficiencies.”

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