German tyre and car parts maker Continental AG expects higher revenues and operating profit this year despite taking a hit from rising raw materials and energy prices, its chief executive reiterated in remarks published on Saturday.
"In terms of revenues and operating result this year we will be above the record year 2005," Manfred Wennemer told Germany's WirtschaftsWoche magazine according to the preview of an article to appear on Monday, repeating what a company spokesman had told Reuters earlier this week.
Wennemer added that higher raw materials and energy prices would hit Continental's tyre business with some 300 million euros in additional costs this year, but said this could be compensated through cost cuts and an improved product mix.
He said the company expected its energy costs to rise by another 10 to 20 percent next year.
Continental is due to report third-quarter results on November 1. Its shares had come under pressure on Thursday amid market talk of a possible profit warning.
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