Bosch Sales Up 2  40 in 2013

Bosch Sales Up 2% - 4% in 2013

While overall number was disappointing company said many divisions did well.

FRANKFURT -- Automotive parts specialist Bosch (IW 1000/541) said Thursday that it is penciling in sales growth of between 2% and 4% for the current year after an "unsatisfactory" year in 2012.

As already reported earlier, Bosch's sales rose by just 1.9% to 52.5 billion euros (US$68.6 billion) in 2012.

Net profit was up 29% at 2.3 billion euros, driven primarily by gains from the sale of its 5% stake in Denso.

Underlying or operating profit was halved to 1.3 billion euros.

Chief financial officer Stefan Asenkerschbaumer described the numbers as "generally unsatisfactory," but said the development of sales and results "hides the fact that many divisions developed positively."

The group's solar energy business proved a major headache, running up a loss of around 1.0 billion euros last year.

Bosch announced last month it will discontinue its solar panel manufacturing business because overcapacity in the industry has caused prices to nosedive.

Copyright Agence France-Presse, 2013

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