Continental Group is confident that it will turn losses into profit in 2010
Continental AG, a German auto parts supplier, expressed confidence that it was included in the list of profitable companies in the industry in FY10, and this is also the group’s first profit after FY2007. Due to shareholder issues, Continental Group recorded a net loss of 1.65 billion euros (approximately US$2.2 billion) in fiscal year 2009. Mr. Schaefer, chief financial officer of Continental Group, said that in order to make up for the impact of high-priced synthetic rubber and natural rubber, the group will retain the right to adjust the price of automobile tires. Mr. Schaefer also stated that although the group's profit bottom line can be guaranteed this fiscal year, it will not issue any dividends in this fiscal year. “It is very likely that we will release the dividend for fiscal year 2011 in fiscal year 2012,†added Mr. Schaefer. In addition, the chief financial officer said that he was very satisfied with the reduction in net debt of Continental Group by 664 million euros over the past three months and net income of 8.23 ​​billion euros on March 31 this fiscal year. The group’s net profit target of approximately 7.9 billion euros in 2010 is in conflict with the increase in revenue of 1 billion euros due to capital raising in January 2010. Panasonic
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