Business News

Cimos Group Posts EUR 3.4M Net Profit in 2011

Koper, 30 April (STA) - Car parts maker Cimos generated a net profit of EUR 3.4m in 2011 at group level, EUR 600,000 less than in 2010. The group's sales were 8% higher than in 2010 at EUR 455.6m, while the core company's revenues of EUR 409m exceeded the figure from the pre-crisis year 2008.

The Koper-based core company generated EUR 3.6m in net profit, which is EUR 1.3m more than in the year before, according to the business report published on the web site of the Ljubljana Stock Exchange on Monday.

Last year, the group's earnings before interest and taxes (EBIT) amounted to just over EUR 30m, which is EUR 5.7m less than in 2010. Earnings before interest, taxes, depreciation, and amortization (EBITDA) were also down, by EUR 5.9m to EUR 66.9m.

CEO Franc Krašovec expects moderate growth this year, as projections for the car segment of the group, which also includes energy and engineering, are positive.

However, the group will also streamline its operations and limit investments to maintenance, new devices and development.

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