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November 7, 2006

GERMANY: Raw materials drag down Kolbenschmidt Pierburg

High raw material prices have resulted in a fall in profits at engine component supplier Kolbenschmidt Pierbug in the first nine months of the year, despite an increase in turnover.

High raw material prices have resulted in a fall in profits at engine component supplier Kolbenschmidt Pierbug in the first nine months of the year, despite an increase in turnover.

Turnover in the first three quarters of the year rose 8% to EUR1.65bn. Earnings before interest and tax fell to EUR74m, down from EUR101m for the same period a year ago.

The impact of raw material prices was estimated at around EUR17m. Other negative factors are cited as higher energy costs and restructuring costs.

Kolbenschmidt Pierburg is the automotive division of Rheinmetall. Last year it reported record full year results, a record it has said it is unlikely to approach again this year, although it is expecting higher operating results in the final quarter.

The supplier has been benefiting in particular from the trend to reduced fuel consumption and emissions and the high proportion of diesel engine cars sold in Europe.

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