Continental Makes 38 million euros Profit in Timisoara
Continental’s Timisoara, Romania subsidiary posted gross profit of 38 million euros (137.8 million Romanian new lei), an increase of approximately per cent in euros from the previous year. At the same time, the turnover of Continental Automotive Products went up by over 33 per cent in euros last year, to approximately 217 million euros (786.6 million lei).
According to local newspapers this makes the German company the biggest player in Romania. Michelin Romania posted about 200 million euro (727. 3 million RON) turnover last year. The increase in Michelin’s business, some 40 per cent exceeded that of Continental in terms of growth rate, but the French have been operating at a loss for a number of years. However Michelin Romania says it expects to get back into the black this year, the news reports added.