German automotive parts maker Continental AG (CTTAY.PK) reported that its third quarter net loss attributable to the shareholders of the parent was 756 million euros or 3.78 euros per share compared to net income of 486 million euros or 2.43 euros per share in the prior year.
Non-cash special effects from the Aumovio spin-off and the planned OESL sale had a negative impact of 1.1 billion euros on EBIT. These special effects stem from currency translation differences due to the disposal of foreign subsidiaries as part of the Aumovio spin-off, as well as the difference between the net assets of OESL and the expected sale price. The effects also negatively impacted net income, the company said.
"Looking ahead to the final quarter of the year, we are aiming for further improvements in cash flow and at ContiTech. Our strict cost discipline will support us in this effort, as will an expected slight recovery in industrial demand," said Continental CFO Roland Welzbacher.
Adjusted operating result for the third quarter was 565 million euros compared to 664 million euros in the previous year.
Sales for the third quarter declined 0.9% to 4.950 billion euros from 4.994 billion euros in the previous year. Organic sales growth was 2.6 percent.
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