Continental Reports A 20 Percent Drop In Adjusted Operating Profit

Published On 27-Nov-2019By TyreDekho Team

After the weaker sales reports, the brand has decided to perform more deep cost-cutting, which includes job losses

Continental Reports A 20 Percent Drop In Adjusted Operating Profit

The German automotive manufacturing company, Continental has reported a 20 percent fall in the third quarter in adjusted operating profit, as it expected production of cars and light trucks to drop by 6 percent.

CEO of Continental, Elmar Degenhart, stated "Thanks to the global demand for our systems and solutions, we were able to keep our sales at a stable level in the third quarter despite the continuing decline in the market environment. The current situation requires us to enhance our long-term competitiveness. With our global Transformation 2019–2029 structural program, we are taking the necessary steps to achieve this."

After pre-releasing the sales report in October, the brand reiterated that consolidated sales in the third quarter were about 11.1 billion euros ($12.23 billion) and its adjusted EBIT margin was about 5.6%. Sales in the Automotive Group were about 6.5 billion euros, with an adjusted EBIT margin of about 1.6%.

"It is a challenging but essential process to ensure our viability. We are thus responding proactively to the crisis in the automotive industry and, like ten years ago, we will emerge stronger," added Degenhart.

Continental has declared in the month of October that slower production growth of automobiles over the succeeding five years had insisted the car components manufacturer book a 2.5 billion euro ($2.8 billion) impairment. After the weaker sales reports, the brand has decided to perform more deep cost-cutting, which includes job losses.

You Might Also Be Interested In

Latest Tyres

  • Car
  • Bike
  • Truck
  • Zapper C1
    Zapper C1
    90/100 R10
    Rs1,345
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • Gripp XL F
    Gripp XL F
    90/90 R19 52P
    Rs2,235
    • iconBike Tyre
    • iconTube
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • Centauro NS
    Centauro NS
    190/55 R17
    Price Coming Soon
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • Smart Blaze RYDR BR43
    Smart Blaze RYDR BR43
    140/70-17
    Rs4,200
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • Conta 725
    Conta 725
    90/90 R12
    Rs1,490
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • icon5
    M6303
    M6303
    90/90 R12 54J
    Price Coming Soon
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • BT SPORTMAXX
    BT SPORTMAXX
    140/70 R17
    Price Coming Soon
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers
  • Feelfree
    Feelfree
    120/70 R15 56H M/C
    Price Coming Soon
    • iconBike Tyre
    • iconTubeless
    • iconFuel Efficient
    • iconWet Grip
    View August Offers

Best Tyres

  • Car
  • Bike
  • Truck
×
Which is your city ?