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Letrika's Profit Soars to EUR 10.2m in 2013

Šempeter pri Gorici, 28 March (STA) - The group around Šempeter-based car electronics maker Letrika increased its net profit 6.5-fold to EUR 10.2m in 2013, while it generated EUR 242.8m in sales revenues, which is 0.1% less than in 2012. Operating profit (EBIT) doubled to EUR 14.5m, according to the unaudited data, published by the company on Friday.

The first quarter of 2013 was somewhat weaker revenues-wise, according to Letrika, but later the market and the demand turned for the better. The positive trend continued until the end of the year.

The company contributed the growth in profit to management measures as well as external economic trends. Operating costs as well as other business expenditure were lower.

The core company generated EUR 188.3m in sales revenues, which is up 1.9% year-on-year. EBIT more than doubled to EUR 10m, while net profit was up 3.7-fold to EUR 8.1m.

Letrika, formerly known as Iskra Avtoelektrika is being sold by the state-run insurer Modra zavarovalnica, SOD fund, NLB bank and financial consulting firm CBH, with the industrial conglomerate Kolektor bidding to take over a 53% stake in the company.

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