Mixed automotive results leads to dip for Pasubio
Automotive leather supplier Conceria Pasubio Group has reported an 8% fall in nine-month revenues to €255 million, following “mixed dynamics” in the automotive sector.
However, a 10% fall in operating costs led to a 10% increase in profits to €19 million.
Global vehicle volumes have declined slightly over the nine months to the end of September, with significant contractions in South America and the European Union. In contrast, North America experienced modest recovery, while growth in China’s automotive sector slowed compared to prior years.
Electric vehicles continue to gain traction but adoption rates vary significantly across regions, it noted.
Pasubio anticipates a slower end to the year: “Our European customers slow down vehicle production in August and during the holiday season in December during which they also often conduct internal maintenance and adjustments to inventory. Further, there are a fewer number of working days at the end of the year as opposed to the beginning of a year and this results in a reduction in vehicle production towards the end of the year.”
The group produces finished leather for seats, dashboards and steering wheels and other upholstering. It manufactures in Italy and Germany, while facilities in Serbia and Mexico are dedicated to re-tanning, finishing, cutting, lamination and wrapping. Its customers include Porsche, Jaguar Land Rover, Lamborghini, Bentley and Rolls-Royce.
