MONTREAL, March 26 (Reuters) - Spectra Premium Industries Inc. , a Canadian auto parts manufacturer, reported on Wednesday a wider loss in its fourth-quarter because of weaker sales.
For the quarter ended on Jan. 31, Montreal-based Spectra reported a loss of C$6.33 million, or 20 Canadian cents a share, against a loss of C$1.21 million, or 4 Canadian cents a share, for the year-earlier quarter.
The firm, which makes light-truck and heavy-duty truck parts, said in a statement that sales declined 6 percent to C$51.07 million from C$54.49 million in the same quarter a year earlier.
Spectra said the drop in sales was mainly caused by a decline in fuel tank sales due to intense competition from Asia.
It forecast 6 percent sales growth for fiscal 2003-2004 and said it was targeting net earnings, before rationalization costs net of income taxes, of between C$8 million and C$10 million, or between 24 Canadian cents and 31 Canadian cents per share. ($1= $1.47 Canadian)