On the 27th, Weiboke, a supplier of parts and components of the automotive control department, announced that the company's first-quarter revenue fell by 53% year-on-year, and further layoffs and suspension plans will be implemented.
WABCO's financial report for the first quarter of 2009 showed that the company’s revenue for the first quarter of 2009 was US$333.9 million, a decrease of 53 percentage points from US$704 million in the same period of 2008; its first quarter’s loss was 3,640. Million US dollars, compared with the same period in 2008, the profit of 61.3 million US dollars also fell sharply.
In addition to the publication of the financial report, WABCO also stated that it plans to increase the number of layoffs at the beginning of 2009 to the end of April from 1,400 to 1,550, and stop paying dividends. WABCO said that it "is trying hard to adapt to the two consecutive quarters of decline in the commercial vehicle market." The way to adapt to this "environment" is to save money. Through a series of measures such as layoffs, WABCO has saved 20 million U.S. dollars in the first quarter of this year.
At the same time, WABCO also made predictions about the 2009 performance. WABCO expects its sales in 2009 to be 1.68 billion U.S. dollars to 1.94 billion U.S. dollars, which is a 25% to 35% year-on-year drop. Analysts believe that WABCO's sales in 2009 will drop to US$1.55 billion.
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