FRANKFURT (Reuters) - German auto equipment supplier Duerr AG posted a net loss for the first half of 2003 and said its goal to stabilize revenues and earnings in the full year was looking increasingly ambitious.
Duerr, which makes assembly lines and paint-shop equipment for carmakers, said it expected the auto industry to invest cautiously in the second half while a sustainable recovery of the world economy was not yet expected.
"Against this backdrop, the board sees the goal to stabilize the revenues and earnings situation in the full year as increasingly ambitious," Duerr said in a statement.
In the six months to June, Duerr posted a net loss of 2.5 million euros ($2.8 million), versus a net loss of 7.9 million euros a year ago, on a 5 percent rise in sales to 921.9 million euros.
Duerr's order intake rose 29 percent to 1.5 billion euros after the group had a large order from General Motors that will run until 2006, it said.