AKWEL records financial increase in first-quarter 2019
- seranggonroad
- May 9, 2019
- 1 min read
KUALA LUMPUR, May 3 (Bernama) -- AKWEL, the equipment and systems manufacturer for the automotive and heavy goods industries has recorded consolidated turnover of €293 million in the first quarter of 2019. (€ 1= RM4.62).
The turnover shows an increase of 4.6 per cent compared to the first quarter of 2018, according to a statement.
The start of the year, in line with forecasts has confirmed expectations of new growth in AKWEL’s business in 2019, with a return to positive free cash flow, and remains in line with the target of achieving a turnover in the region of €1.2 billion by next year.
The company’s products and functions turnover was also up 4.2 per cent at €281 million. Its cooling product line saw accelerated growth with a 22.1 per cent increase which accounted for more than a quarter of the company’s business.
AKWEL also reported its net debt as of March 31, standing at €32.9 million, a reduction of €7.7 million compared to Dec 31, 2018.
-- BERNAMA
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