BERLIN Aug 31 Audio device maker Harman
International Industries Inc wants to double its sales
within five years to nearly $9 billion and more than double its
profit margin, the company's chief executive said on Friday.
Harman, which provides in-car entertainment systems for
premium carmakers such as BMW, Daimler and Porsche, earlier this
month reported sales of $4.4 billion in its fiscal year which
ended in June, with its operating margin rising to 6.9 percent
from 5 percent the previous year.
"We believe we should double our company in the next five
years, top line. We should be at mid-teens in (percentage) terms
of profitability," Chief Executive Dinesh Paliwal told Reuters
on the sidelines of the IFA in Berlin, Europe's biggest consumer
electronics trade show.
Harman, which competes with Bose, Yamaha, Panasonic Corp
, Sony Corp and Denso Corp, said the
company seemed to be "comfortably navigating through the current
economic environment," as its clients are still doing well.
Asked whether Harman was feeling the impact of the economic
crisis, he said: "If we were to supplying low-to-mid segment
carmakers, I would have to say yes. But our exposure to the low
end of VW or PSA Peugeot is very minimal."