Bosch PH Suffers 10% Loss Due to Peso Depreciation
Bosch Philippines, the local arm of German engineering and electronics giant Bosch GmbH, reported a 10-percent decline in consolidated sales for the year 2017. The company cites the depreciation of the Philippine peso against the US dollar as the primary reason for the loss.
Bosch PH Managing Director Richard Walker said the company ended its 2017 fiscal year with USD51 million in consolidated sales, 10 percent lower than FY 2016’s USD56 million.
Aside from the depreciation of the peso, Bosch PH identified other reasons for the loss, including planned projects by the company that were moved from 2017 to 2018, and a sluggish year for their mobility solutions business.
Despite this, the company looked forward to positive prospects in 2018 as the country moves ahead with the Public Utility Vehicle Modernization Program (PUVMP), which the company is prepared to support. Already, the company is beginning to regain growth momentum, according to Walker.
“We had a good start into 2018,” he said. “The local economy continues to benefit from stronger consumer spending and robust demand from the construction and manufacturing sectors.”
As of the end of 2017, Bosch PH’s workforce numbered over 500 employees. The company hopes to expand its pool this year as it proceeds with expansion plans.