Conti charges push Schaeffler into loss for the first six months

ERJ staff report (DS)

Herzogenaurach, Germany - Schaeffler Group has reported higher sales for the first six month of the year. However, a huge charge of Euro 396 million connected to a rights issue at Continental drove the company into a net loss of Euro 260 million.

Sales rose 31 percent in the first half of 2010 to around €4.6 billion (compared to around €3.5 billion in the same period the previous year).Sales rose 31 percent in the first half of 2010 to around €4.6 billion (compared to around €3.5 billion in the same period the previous year).

For 2010 as a whole, the Schaeffler Group expects sales to exceed €8 billion, with an EBIT margin of more than 10 percent. Schaeffler Group CEO Dr. Juergen M. Geissinger commented: “The Schaeffler Group has generated an excellent operative result for the first half-year. We have started well into the second half and are optimistic that we will be able to exceed the targets we set ourselves.”

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Press release from Schaffler