Continental posts first half losses
Continental AG posted sales of around nine billion euros on income of 126.2 million euros for the first half of 2009 vs. sales of 13.2 million euros on income of 912.4 million euros during the same period last year.
Continental officials attribute the declines to "the market downturn, resulting in part from the unexpected full stop of production at Chrysler in May and June."
One bright spot for the Hanover, Germany-based company was its Rubber Group, which posted income of 248.7 million euros during the first half, "well over the break-even point."
The Rubber Group, "which is less susceptible to economic trends on the whole, is posting substantial profits, providing for reliable cash flow," says Dr. Karl-Thomas Neumann, chairman of Continental's executive board.