Phoenix lifts sales, but earnings drop slightly; German group is optimistic, despite tough economy. It feels able to meet market needs--as with current high demand for turbo hose for diesel engined cars. (Rubber news).

European Rubber Journal, October, 2002 by White, Liz

Much lower than expected demand for air springs for a high-volume car model and high development costs at its Vibracoustic unit affected first half year earnings in Phoenix AG's comfort systems unit.

Total operating earnings (earnings before interest and tax--EBIT) for the Hamburg-Germany based rubber processor were 17.8 million [euro] ($17.8 million) for the first half of 2002. This amounts to 3.1 percent of earnings, a slight drop from 3.4 percent the previous year, Phoenix said. The group attributed the drop to both the higher development outlay in automotive comfort systems, and a higher loss in the group's non-core activities than in the same period of 2001.

Sales overall for the Hamburg, Germany-based rubber processor rose by 1.6 percent to 573.7...

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