Slow sales take a big hit on Continental
By George Frey |
July 21, 2009, Tuesday
|
Print Edition
Print Edition
GERMAN tire and car parts maker Continental AG said yesterday that its pretax profit slid 91 percent during the second quarter as sales slowed on weaker demand from auto makers.
In a preliminary estimate, the Hannover-based maker of tires, brakes, electronics and other auto components said earnings before interest and taxes in the April-June period fell to 39 million euros (US$54 million) compared with 456 million euros during the same period a year earlier.
The company, which was acquired by car parts maker Schaeffler Group KG in January, did not provide a preliminary net profit figure, but is scheduled to report its full results on July 30.
In the second quarter last year, the company reported a net profit of 194 million euros.
Continental said second-quarter sales fell 29 percent to 5 billion euros from 7 billion euros in 2008.
Looking ahead, Chief Executive Karl-Thomas Neumann said the rest of the year's and 2010's "business environment will continue to be a major challenge for Continental as well as for the entire supplier industry." Continental has cut about 16,000 jobs across the company since September 2008.
In a preliminary estimate, the Hannover-based maker of tires, brakes, electronics and other auto components said earnings before interest and taxes in the April-June period fell to 39 million euros (US$54 million) compared with 456 million euros during the same period a year earlier.
The company, which was acquired by car parts maker Schaeffler Group KG in January, did not provide a preliminary net profit figure, but is scheduled to report its full results on July 30.
In the second quarter last year, the company reported a net profit of 194 million euros.
Continental said second-quarter sales fell 29 percent to 5 billion euros from 7 billion euros in 2008.
Looking ahead, Chief Executive Karl-Thomas Neumann said the rest of the year's and 2010's "business environment will continue to be a major challenge for Continental as well as for the entire supplier industry." Continental has cut about 16,000 jobs across the company since September 2008.
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