Bosch misses growth target for 2012, lays blame on global financial slump
AFPFRANKFURT -- German automotive parts specialist Bosch said on Wednesday the world economic slump slammed the brakes on business last year and may choke its performance this year too.
January 24, 2013, 11:53 am TWN
Bosche said in a statement it missed its 2012 target for a 3- to 5-percent increase in sales last year, with revenues edging up only 1.6 percent to 52.3 billion euros (US$69.7 billion).
Bosch, which is not listed on the stock exchange, gave no concrete profit figures, but said earnings before interest and tax (EBIT) amounted to “around 2 percent of sales.”
That would be about 1.05 billion euros, according to AFP calculations, which is less than half the year-earlier figure of 2.6 billion euros.
“The cooling global economy has slowed the pace of growth of the Bosch group,” said chairman Volkmar Denner.