Leoni has reported second quarter net income up 27% to EUR29.9m (US$40m), with consolidated sales rising 3.5% year on year to EUR2.039bn in the first six months of 2014, reaching EUR2bn at the half-year mark for the first time.
The supplier cites the “still heavy, worldwide demand” for cables and wiring systems from the automotive sector as the basis for its performance, adding it had also received impetus from the economic recovery in Europe.
Consolidated earnings before and interest and taxes (EBIT) rose by around 26% EUR 97.9m during the whole of the first half of 2014, of which the second quarter accounted for EUR47.3m (previous year: EUR39.3m).
The company absorbed extensive pre-production spending on new projects with the automotive industry during the period under report.
The previous year’s figures included substantial restructuring expenses for measures that benefited earnings in 2014.
Consolidated income after taxes increased by more than 33% to EUR61.4m in the first half (previous year: EUR 46.1 million).