March 5, 2020 / 7:45 AM / a month ago

Continental reports 1.2 bln eur 2019 net loss, hit by car demand slump

BERLIN, March 5 (Reuters) - German auto supplier Continental on Thursday posted a net loss of 1.2 billion euros ($1.34 billion) in 2019, as the company suffered from a global downturn in demand for passenger cars, forcing it to book a 2.5 billion euro impairment.

Continental reported an almost flat full-year revenue at 44.5 billion euros, slightly below a 44.55 billion euros estimate based on Refinitiv data.

Adjusted earnings before interest and taxes (EBIT) was down 21.5% to 3.2 billion euros in 2019.

It said it saw worldwide car production would fall for the third year in row in 2020, down between 2 %to 5%.

$1 = 0.8982 euros Reporting by Riham Alkousaa Editing by Edward Taylor

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