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The provider Continental can also be feeling this.
The automotive provider and tire producer Continental slipped into the crimson within the second quarter resulting from elevated prices and depreciation. The underside line was a minus of 250.7 million euros after a revenue of 545.3 million euros a 12 months in the past, because the Dax group introduced on Tuesday. The Hanoverians had already introduced a excessive want for depreciation with their preliminary figures nearly three weeks in the past.
CFO Katja Dürrfeld spoke of a “hurricane-like” present headwind. “Then again, we’re assured concerning the second half of the 12 months,” she added, thereby confirming the outlook for the 12 months as a complete. Group boss Nikolai Setzer referred to a excessive order consumption within the automotive provider division of over 6 billion euros.
As already recognized, the group’s gross sales from persevering with operations within the months of April to June elevated by 13 p.c to 9.4 billion euros. Elevated prices for power, procurement and logistics had a detrimental influence on day-to-day enterprise.
Adjusted for particular results, earnings earlier than curiosity and taxes fell by round a fifth to EUR 410.5 million. The automotive provider was operationally within the crimson.
E-book worth write-downs within the automotive provide division resulting from elevated curiosity burdened with 370 million euros. As well as, there was a price adjustment for the enterprise in Russia resulting from extra sanctions within the quantity of 75 million euros and conversion prices within the plastics expertise division Contitech over 63 million euros.
Continental is briefly ramping up manufacturing in Russia
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