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Leoni Q2 Loss Widens On Weak Revenues; Says Rest Of Year Extremely Challenging

Leoni AG (LEOGN), a German provider of energy and data management solutions for the automotive industry, reported Monday that its second-quarter consolidated net loss was 123 million euros, compared to prior year's loss of 44 million euros.

Loss per share was 3.75 euros, compared to loss of 1.35 euros a year ago.

EBIT before exceptional items as well as before VALUE 21 costs was negative 96 million, wider than last year's loss of 14 million euros.

Consolidated sales fell 46 percent to 673 million euros from 1.25 billion euros in the prior year.

Looking ahead, Aldo Kamper, CEO, said, "We expect to have reached the low point in the current phase of the pandemic in April, and we have since seen a gradual recovery in our customers' production. Nevertheless, the rest of the year remains extremely challenging."

VALUE 21 remains on track with a large number of initiatives implemented by the end of June. The company expects the initiatives already implemented will yield annual gross cost savings of around 450 million euros or 90 percent of the overall potential from 2022.

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