Amberg, Germany -- Grammer AG, a German automotive seat and interiors supplier, has reported preliminary sales of Euro 144 million ($196 million) in the fourth quarter of 2009 (Q4), an increase of 5 percent compared to the same period the previous year and a 15 percent increase versus Q3, Grammer said 10 Feb.
The company's Seating Systems business reported revenues of Euro 65 million in Q4, compared to Euro 58 million in the same period of 2008.
The good performance in the fourth quarter, Grammer said, was due to a "stable revenue basis" together with new product start ups in the Automotive division and cost reduction initiatives.
Full year results saw revenue fall 28 percent to Euro 727 million, down from Euro 1007 million for 2008, "as a result of the economic crisis," the statement said. The Automotive business reported revenue of Euro 490 million, with two consecutive quarters showing a stable trend upwards, but down from Euro 638 million for 2008.
Seating Systems, experienced a lag before feeling the effects of the economic crisis, and so a recovery is expected later, the company said. Revenue was Euro 250 million for 2009, down 36 percent from 2008.
Although dependent on the development of the current economic situation, Grammer is expecting positive performance and a return to profit in 2010. As a result of new production startups in the Automotive and Truck division, which includes driver seats for truck, train and car interiors, the company expects an increase in revenues for 2010, the statement said. (RD)