Leoni posts Q1 operating loss on Ukraine war, higher costs (updated)

Leoni AG

29/04/2022 19:23

(Adds financial details, company comments)
    FRANKFURT, April 29 (Reuters) - German cable and harness
maker Leoni  LEOGn.DE , which supplies automakers with wire
harnesses crucial for car production, on Friday reported a
first-quarter operating loss, blaming supply- chain bottlenecks,
inflation and effects of the war in Ukraine.
    The company swung to an operating loss before exceptional
items of 17 million euros ($18 million) in the first quarter,
down from a profit of 29 million euros in the same period last
year, it said, pointing to higher raw material, logistics and
energy costs.
    "In addition, there was continued high volatility in
customer call-offs due to disruptions in the global supply
chains, mainly due to the semiconductor crisis, as well as the
consequences of the war in Ukraine," Leoni said.
    Leoni said first-quarter sales fell 7% to 1.26 billion euros
but stuck to its 2022 outlook. The company a month ago said it
had partially revived its factories in Ukraine after a temporary
halt due to Russia's invasion.  urn:newsml:reuters.com:*:nL5N2VQ1UU
($1 = 0.9460 euro)

 (Reporting by Christoph Steitz in Frankfurt
Editing by Matthew Lewis)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))