The company said Thursday group sales have been below expectations since mid-2012 due to the continued impact of the economic crisis. In March, however, sales started to pick up.

Despite the poor economic outlook, Letrika plans revenue growth this year due to new projects in the pipeline.

The Letrika supervisory board endorsed today a joint venture in India with Roots Industries India, which will produce starter motors and alternators for commercial vehicles and machinery.

The company is expected to generate sales of EUR 18m within five years.