AKWEL Posts Noticeable Drop In Third Quarter Revenue
KUALA LUMPUR, Nov 8 (Bernama) -- AKWEL has reported a consolidated revenue of 757.7 million euros, down 5.2 per cent over the first nine months of this year, compared to same period last year. (1 euro = RM4.73)
The downward trend observed was confirmed and reinforced in the third quarter for AKWEL, with consolidated revenue of 228.9 million euros, down by 9.6 per cent as reported and a decline of 9.2 per cent at constant scope and exchange rates.
According to AKWEL in a statement, the geographical distribution of revenue at Sept 30, points to a sharper decline in France.
By product line, the most significant changes were the 4.6 per cent growth in the Air line, followed by the decline in Mechanisms (6.8 per cent), Fuel (4.3 per cent) and Cooling (1.0 per cent) activities, and the more significant decline in Decontamination (21.3 per cent), with the gradual end of production of Selective Catalytic Reduction (SCR) tanks scheduled for 2025.
On Oct 31, consolidated net cash excluding the impact of lease liabilities amounted to 140.5 million euros, an increase of 25.4 million euros compared to June 30, taking into account an investment envelope of 8.8 million euros this quarter.
AKWEL projected that performance in the third quarter and current developments in the global automotive market are consistent with an expected decline in revenue for 2024.
A parts and systems manufacturer for the automotive and heavy-vehicle industry, and a specialist in fluid management, mechanisms and structural parts for electric vehicles, AKWEL operates in 20 countries across five continents and employs 9,600 people worldwide.
-- BERNAMA