Sogefi’s sales revenue for the second quarter ended 30 June 2014 was down 2.4% to EUR344.2m (US$464.5m) compared with EUR352.5m in the year ago period.
Operating result was down 20.1% to EUR23.4m compared with EUR29.3m. EBIT decreased by 36% to EUR16m compared with EUR25m. The firm reported a net loss of EUR1m compared with a profit of EUR9.2m in the 2013 period.
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Sogefi’s sales revenues for the first half ended 30 June 2014 was marginally up 0.2% to EUR683m (US$921.8m) compared with EUR681.7m in the year ago period. Operating result of the firm was down 11.5% to EUR45.4m compared with EUR51.3m. EBIT was down 49.5% to EUR21.8m compared with EUR43.2m. The company incurred a net loss of EUR7.3m compared with a profit of EUR16.2m in the 2013 period.
Outlook for the year
For 2014 the performance of the car market at global level is expected to show growth, driven particularly by Asian markets, mainly China and India, and the North American market, with confirmation of the stable trend in Europe. However the phase of weakness in South American market is expected to continue.
In this context Sogefi plans to:
- Continue to increase the groups presence outside Europe, “leveraging its competitive positioning in the various geographical areas”
- Continue its “focus on innovation”
- Boost the integration of the group with efficiency actions in Europe.
