Haldex has reported net sales of SEK1.98bn (US$309.8m) compared with SEK1.58bn for the first six months last year. Adjusted for exchange rate fluctuations, sales increased 19% compared with the same period prior year.
Net profit for Haldex continued operations amounted to SEK83m from SEK24m.
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First half operating income for Haldex’s continued operations amounted to SEK121m compared with SEK73m for the same period year ago. Operating margin increased to 6.1% year-over-year.
Margins continue to improve due to the higher volumes and new cost structure. In North America, the company has now finished the consolidation of its manufacturing facilities and continues to improve operating productivity globally of its factories.
For the second quarter of 2011, the company posted net sales of SEK1.03m, compared with SEK977m for the same quarter in 2010. Operating income rose 46.5% to SEK66m, while operating margin for the quarter was 6.4%.
The company’s net profit jumped to SEK45m, an increase of 200% from SEK15m last year.
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By GlobalDataHaldex’s president and CEO, Jay Longbottom said: “The recovery in our served markets continued during the quarter, especially in North America, industry forecasts maintain an optimistic outlook.
“Increased sales volume, strong factory productivity and the new leaner cost structure boosted our earnings. Our focused strategy will drive growth in revenues and in operating margins.”
Haldex Group’s structural programmes were completed during the second quarter ended 30 June. Haldex continued operations consist of the former commercial vehicle systems division.
