NSG Group reported it is recovering from the decline it faced in mid-2020, largely due to COVID-19, in its third quarter consolidated financial report.
According to the company, economic activity continues to be impacted significantly by the pandemic, although a rising number of cases towards the end of the third quarter is being countered by the imposition of social rather than industrial lockdowns, with a more limited impact on demand for the group’s products.
“The automotive markets also recovered from the low levels experienced earlier in the year, with demand during the third quarter being similar overall to the previous year,” a portion of the financial report reads.
NSG’s automotive business recorded cumulative revenues of $1,643.62 million and an operating loss of $10.14 million. In the automotive business, revenues and profits were below the previous year, which the company attributes to the pandemic during the first quarter of 2020.
“In the OE business, demand has recovered steadily since April and May, however, and third quarter, three-month results were above the previous year. In the AGR business, demand improved from the second quarter with an easing of lockdown restrictions,” a portion of the report reads.
According to the report, Americas represent 33% of the group’s automotive sales. Vehicle production rebounded in North America during the second quarter, which the company said was driven by customers recovering inventory levels and improving vehicle sales.
Production in South America also staged a recovery, although it remains at a relatively low level.
Europe represents 42% of the group’s automotive sales. Its cumulative revenues and profits...