Leoni FY13 Sales Up On Strong Automotive Business

Leoni AG, a German provider of cables and cable systems to automotive sector, recorded higher sales of around 3.92 billion euros in its financial year 2013, versus the prior-year figure of 3.81 billion euros, based on provisional calculations. The Group had forecast revenues of about 3.8 billion euros. In the fourth quarter, too, heavy demand from the automotive industry was the principal driving force for businessin both units, the company said.

Moreover, Leoni generated quarterly earnings before interest and taxes or EBIT of the financial year with a figure of about 49 million euros. However, there were extraordinary and unexpected factors in the final quarter of 2013, specially so in the non-automotive business, in the absence of which the result would have turned out even better, the company stated.

According to provisional calculations, EBIT for the year totaled nearly 163 million euros; while the expected figure was around 170 million euros. Leoni added that the net profit would probably reach nearly 106 million euros.

Commenting on the future, the firm said: "A comprehensive report will be provided upon presentation of the final figures for the year at the balance sheet press conference on 25 March 2014 as well as the analyst and investor conference on 26 March 2014. Leoni will then also issue a specific forecast for fiscal 2014 as a whole. In terms of sales, the Company had already held out a further increase to about EUR 4.1 billion. Leoni projects to disproportionally grow its profit."

source wireworld