Business News

Letrika Sees Profit Surge Despite Declining Sales

Šempeter pri Gorici, 23 May (STA) - Latrika, a maker of car electronics, saw group Q1 profit rise to EUR 2.8m from EUR 346,000 in the year before even tough consolidated sales revenue dropped 11% to EUR 59.7m.

The company said Thursday group sales have been below expectations since mid-2012 due to the continued impact of the economic crisis. In March, however, sales started to pick up.

Despite the poor economic outlook, Letrika plans revenue growth this year due to new projects in the pipeline.

The Letrika supervisory board endorsed today a joint venture in India with Roots Industries India, which will produce starter motors and alternators for commercial vehicles and machinery.

The company is expected to generate sales of EUR 18m within five years.

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