German car parts maker Continental sales up in 2013

13th January 2014, Comments 0 comments

Continental, the German maker of tyres and car parts, said Monday that sales increased in 2013 and it expected growth to continue this year.

"Sales increased slightly year-on-year to approximately 33.3 billion euros" ($45.5 billion) in 2013, the company said in a statement.

In terms of profits, the operating profit amounted to 3.7 billion euros and the operating margin -- which measures earnings as a proportion of sales -- stood at 11.2 percent, "significantly exceeding our target for 2013," Continental said.

"We were able to more than offset the economic limitations in Southern Europe and some emerging markets," the statement said.

The group said it had faced "considerable negative exchange rate effects due to the strong euro, which amounted to over 700 million euros."

Looking ahead to the current year, Continental said that with global auto production of vehicles weighing up to six tonnes projected to rise to more than 85 million units, "we want to grow faster than the global passenger car market and are aiming to increase sales by around 5.0 percent to approximately 35 billion euros."

At the same time, the group was lookikng to "comfortably achieve a double-digit (operating) margin," said chief executive Elmar Degenhart.

© 2014 AFP

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