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Iskra Avtoelektrika Expects Improvement in 2010

Sempeter pri Gorici, 21 December (STA) - The group around car electronics manufacturer Iskra Avtoelektrika said on Monday it expected sales revenues to increase by 10.4% to EUR 175.4m in 2010. The net loss of the company for next year has been projected at slightly under EUR 2m.

Iskra Avtoelektrika moreover said following today's meeting of the supervisory board that the number of its employees is to decrease from 2,451 at the end of this year to 2,140 at the end of 2010.

Looking at projected results for this year, supervisors were told that revenues would probably stand at EUR 158.8m, while the net loss would total EUR 20.7m.

Iskra Avtoelektrika's core company expects a 20.7% improvement in revenues in 2010 to EUR 120.5m, while its net loss should stand at EUR 3.5m, compared to EUR 20.3m for this year.

The company plans to focus in 2010 on securing new customers and liquidity, which means that costs will continue to be adapted to the smaller scope of operations. Investments will be limited to the most urgent and development-oriented projects.

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