Business News

Letrika Posts Lower Sales, Profit

Šempeter pri Gorici, 26 April (STA) - Letrika, a maker of car electronics formerly known as Iskra Avtoelektrika, saw group net revenue slide 0.7% year-on-year in 2012 to EUR 243.2m, while net profit plunged 72% to EUR 1.6m.

The company attributes the decline to weaker demand in the EU and around the world, which dropped significantly in the second half of the year after an upbeat first half.

Core company sales were down 5% to EUR 184.7m, while net profit dropped 20% to EUR 2.2m, the company said on Friday.

The management and supervisory board proposed that the accumulated profit remain undistributed. The proposal will be put to the 11 July shareholders' meeting.

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