Continental net income down: Raw material costs deflate tyre-related earnings

3rd August 2017 | 0 Comments
 
Continental net income down: Raw material costs deflate tyre-related earnings
Source: Continental AG

Although sales rose, sharp increases in raw material costs held back earnings within Continental’s Tire and ContiTech divisions in the first half of 2017. Reporting the company’s first half and second quarter results, Executive Board chairman Dr Elmar Degenhart shared that despite a 9.4 per cent year-on-year increase in sales during the six months to 30 June, to 8.6 billion euros, these costs impacted the Continental Rubber Group’s earnings by some 300 million euros. Rubber Group EBIT dropped 11.2 per cent to 1.2 billion euros in the first half of the year and the margin contracted from 17.7 per cent to 14.4 per cent.

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