Reiff posts a net loss for 2013

Germany’s Reiff Group, whose business portfolio includes tyre and wheel wholesale and retail activities, has reported that “two negative influences” affected its business in 2013: A one-off effect of €4.9 million and a drop in margins in its tyre business. Group turnover fell 3.6 per cent year-on-year to €509 million, with €358 million coming from its tyre and auto business. The company reported a net loss of €8.7 million; in 2012, it achieved a net profit of €0.6 million.

The company’s retail tyre outlets and ‘Discount’ operation was stable during the year, however the tyre wholesale business had a “very difficult year”. The Reiff Group’s management shared that “primarily, summer and winter tyre overcapacity led to a high pressure on stocks and a corresponding drop in margins in the market.”

The company says that the first quarter of 2014 went “according to plan”.