Rail and commercial vehicles braking systems manufacturer Knorr Bremse generated revenues of €3.4bn in the first half of this year, almost unchanged from the same period last year.

South America recorded the sharpest revenue growth at 32.5%, followed by North America and Europe/Africa with 18.7% and 3.7% growth respectively.

Affected by the developments in China, Asia revenue slumped 21.2% during the period.

Driven by high demand in rail vehicles, the firm’s order intake rose 12.1% to €4.04bn from €3.6bn. Order book surged around 30% to €6.7bn from €5.16bn.

Knorr Bremse’s Rail Vehicle Systems (RVS) division continues to grapple with the Covid-19 pandemic as its revenue fell 3.4%.

The division’s order intake almost doubled during the period reaching €2.13bn against prior year’s figure of €1.45bn.

Its order book was worth €4.8bn as of 30 June 2022, accounting for more than half of the group’s order book.

Its operating earnings before interest and taxes (EBIT) during the period was €240m, down from €301m in the corresponding period of 2021.

The division’s operating EBIT margin stood at 15% in H1 2022, versus 18.2% a year earlier.

During the second quarter (Q2) of this year, the RVS division reported €823m in revenues. This was a 3.1% fall compared with Q2 2021.

Knorr-Bremse executive board spokesman and chief financial officer Frank Markus Weber said: “Knorr Bremse continued to generate solid financial results in the second quarter of 2022 despite the difficult economic situation globally and a persistently volatile market environment.

“In difficult conditions in particular, our business model shows its high resilience and strength in both divisions. Nonetheless, 2022 is an especially hard and challenging year for our suppliers, customers, and ourselves.”