March 24, 2009 / 9:20 AM / in 9 years

Leoni cuts 4,000 jobs amid 40 percent drop in sales

NUREMBERG, Germany (Reuters) - German automotive cable and wiring supplier Leoni (LEOGn.DE) has cut 4,000 jobs since the start of the year as it braces itself for a sharp drop in revenue and a further hit to profits in 2009.

    “Exactly how severe the decline in the markets affected by the global recession will be over the year as a whole is something that cannot, from today’s perspective, be reliably projected,” it said in a statement on Tuesday.

    Turnover fell 40 percent in the first two months alone compared to the same period a year ago.

    In 2008, earnings before interest and tax dropped to 55.7 million euros ($75.91 million) from 138 million in the previous year, while net income collapsed to just 5.2 million from 86.2 million in 2007.

    Reporting by Irene Preisinger

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