Swiss automotive systems and textile equipment producer Rieter, reported a 0.2% rise in net profit to CHF138.1m ($US105.7m).
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According to Reuters, analysts had been expected a decline.
Consolidated sales were down slightly at CHF3,160m (from 3,172m a year earlier).
Rieter Automotive Systems increased sales by 2.9% to CHF2,036.7m CHF and reported higher operating earnings and margins in 2005 (CHF111.4m or 5.6% of corporate output).
This positive development was attributed to successful products, cost-cutting measures and improved productivity. Higher raw material costs and pricing pressure from the car manufacturers inhibited further progress in profitability.
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By GlobalDataRieter also said it is increasing its holding in the Spanish automotive component supplier Rieter Saifa to 100% with retroactive effect as of January 1, 2006.
In a statement the company said full acquisition of the company will enable Rieter to exploit growth opportunities in Europe’s third-largest automobile market more effectively.
