German tire maker Continental AG (Continental AG) company recently said that the company's 2011 first quarter net profit rose to 368 million euros (US $ 547 million). However, the company also pointed out that the rising cost of raw materials is still the burden of the Continental Group. It is reported that in the first quarter, the company’s profits were reduced by 257 million euros due to the increase in raw material prices.
At the end of April, the mainland company announced its performance in the first quarter of 2011. Data shows that the company's EBIT for the first quarter rose 30% to 634 million euros. The Continental Group Company stated that the company's adjusted EBIT margin is stable, and it is expected to achieve a year-on-year increase in sales of 10% to a target of more than 28.5 billion euros.
However, Wolfgang Schaefer, CFO of the Continental Group, said in an interview on May 5: “The burden of rising raw material costs will continue to increase in the second quarter of this year.â€
Reitzle said that from a year-round perspective, the increase in the price of raw materials, especially natural rubber, is expected to reduce the company’s profits by 700 million euros. He said that the company is considering raising prices again. Previously, the company has raised its product prices twice this year.
According to Reitzle, during the January-April period of this year, the price of natural rubber has risen from US$3.45 per kg last year to an average of US$5.30 per kg.
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