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ElringKlinger Q2 Loss Widens

ElringKlinger AG (EGKLF.PK) reported that its second-quarter net loss widened to 35.5 million euros or 0.56 euros per share from 8.6 million euros or 0.14 euros per share in the prior year.

Revenue declined by 41.9% to 252.2 million euros in second quarter, organically by 40.5%.

The Group said that its organic change in revenue in the second quarter was again better than the performance of the global automobile industry, which saw production output fall by 44.5% in the same period.

The company confirmed its annual guidance and anticipates that the change in revenue will be slightly better than the figure relating to global automobile production for the financial year as a whole. The latter is currently being estimated at -22% compared with the previous year. In terms of earnings, the Group anticipats an EBIT margin (earnings before interest and taxes relative to Group revenue) that is visibly lower than in the previous year.

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