April 26, 2019 / 6:36 AM / 2 months ago

Continental delays powertrain IPO to 2020 as profits drop 17 pct

FRANKFURT, April 26 (Reuters) - Continental AG said on Friday it was pushing back the spin-off of its powertrain division to next year as it reported a 17 percent drop in first-quarter operating profit, hit by a downturn in car demand and higher investments.

Adjusted earnings before interests and taxes (EBIT) came in at 884 million euros ($984.86 million), the company said.

The Hanover-based car parts supplier said that it would update capital markets towards the end of this year about the partial float of its recently-formed Vitesco division.

“Depending on market conditions, this can be expected from 2020,” the company said. ($1 = 0.8980 euros) ($1 = 0.8976 euros) (Reporting by Edward Taylor and Douglas Busvine Editing by Tassilo Hummel)

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