Continental second-quarter profit down 36%

0 Comments | AFP, July, 2008

FRANKFURT (AFP) — German auto parts group Continental was hit by a sector slump in the second quarter but maintained on Thursday its full-year outlook.

Continental said net profit fell by 36 percent from the same quarter in 2007 to 194.3 million euros (303 million dollars), while sales soared by 63 percent to 6.6 billion owing to the purchase last year of another parts company, VDO.

The integration of that acquisition made year-on-year comparisons difficult.

Continental's results were globally below forecasts by analysts polled by Dow Jones Newswires, who expected a slightly weaker net profit but higher sales and operating profit.

The auto parts group maintained its 2008 sales estimation at 26.4 billion euros.

© 2008 AFP