Amberg, Germany – Sales at automotive interiors firm Grammer rose by 5.8% in the first nine-months 0f 2017 compared with the prior year period, to EUR 1.34bn.
The company’s earnings before interest and tax rose by 23% to EUR 45.8m despite ‘negative currency effects and extraordinary expenses connected with an attempted change in control as well as additional uncovered development and project expenses arising from a shortfall in new orders’, the firm said.
‘Unfortunately, the restraint shown by premium German OEMs in awarding new contracts also continued in the third quarter of 2017,’ the company added.
Grammer said it has improved profitability, and EBIT margin has grown to 4.4% compared to 3.8% in the first nine months of 2016.
‘The exceptional challenges this year have been mastered very well by all employees and we could achieve important strategic and operational milestones,’ said Hartmut Muller, Grammer’s CEO. ‘We were generally able to improve our operating performance substantially and are well-positioned for further growth,’ he added.
JAP Capital Holdings, part of Ningbo Jifeng a strategic pattern in China increased its holding in Grammer to 25.5% in the third quarter.