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Continental achieves first half gains

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Continental AG´s sales for the first half of 2004 totaled $7.5 billion, including foreign exchange effects and changes in scope of consolidation, a 9% increase over the same period last year.

Despite costs due to Continental´s restructuring of its passenger tire operations in the United States, the company grew its first half consolidated net operating results to $594.6 million, a 21.4% jump from the first six months of 2003.

Consolidated net income after taxes totaled $271.8 million vs. $216.1 million during the first half of 2003.

"We have once again demonstrated our ability to grow in a phase when the global automotive economy continues to be rather sluggish," says Continental Chairman Manfred Wennemer.

Continental´s passenger and light truck tire sales grew 8.3% during the first half to $2.3 billion, including exchange rate effects.

The German tiremaker´s commercial tire sales rose 10%.

"We anticipate that consolidated sales will increase for 2004 as a whole."

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