German auto parts supplier Schaeffler suffers profit slump. (picture alliance/dpa)
German automotive and industrial supplier Schaeffler suffered a slump in profits in the second quarter of the current financial year as a result of the poor economy for car sales.
Profits were cut by half to 136 million euros (152.4 million dollars), the company announced on Tuesday as it presented its final results in the town of Herzogenaurach in the southern state of Bavaria.
Schaeffler had already in July lowered its profit and revenue forecast for the current financial year to reflect a more pessimistic outlook. The new forecasts were confirmed with Tuesday's results.
The company is becoming more and more affected by the slowdown in the car industry as it makes the bulk of its business with carmakers.
Schaeffler posted a year-on-year decline in sales of 1 per cent to 3.6 billion euros in the second quarter.
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