By Pierre Bertrand
Grammer, the German car-part supplier, has announced its financial results for the second quarter of 2021. The company reported a quarterly net loss of €3.2 million ($3.5 million), which is a significant improvement compared to the €17.5 million loss reported in the same period last year. This positive development can be attributed to the recovery from pandemic lockdowns in China, as well as improved cost management and procurement processes.
The company's revenue for the quarter grew by 12% to reach €583.5 million. Earnings before interest and taxes (EBIT) and operating EBIT stood at €6.8 million and €13 million respectively, which aligns with the preliminary figures shared by Grammer on July 12.
Grammer highlighted the strong performance of its EMEA regions and the Asia-Pacific market. Revenue from the Asia-Pacific market experienced an impressive growth of 46% in the second quarter.
Looking at the first half of the year, both the automotive and commercial vehicles divisions of Grammer achieved double-digit revenue growth.
The company remains confident in its guidance for 2023 and anticipates a particularly robust fourth quarter to further enhance its second-half earnings this year.