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Norma of Estonia posts loss in Q1 as seat belt demand slips in Russia
Juhan Tere, BC, Tallinn, 20.04.2009.
Print version
Print versionAS Norma, an Estonian seatbelt maker, controlled by Sweden's Autoliv AB, reported a first-quarter loss in 2009 mainly because of a slump in demand from Russian car makers.
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Net loss was 12.1 million kroons, or 0.92 kroons per share, from a profit of 30.5 million kroons, or 2.31 kroon per share a year earlier, Tallinn, Estonia-based Norma said in a stock exchange filing today, on April 20.
Revenue fell 55% to 148 million kroons. Sales to Russian and Ukrainian customers declined 75%, and sales to other customers dropped 39%, informs LETA/Bloomberg.
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