March 2, 2020 / 7:38 AM / a month ago

German defence group Rheinmetall posts record sales, operating profit

BERLIN, March 2 (Reuters) - German defence and automotive parts group Rheinmetall reported record sales and operating profit on Monday, driven by its military division whose products include armoured fighting vehicles.

Group sales rose by 107 million euros to 6.26 billion euros ($6.91 billion) in 2019, the Duesseldorf-based company said in a statement Operating profit was up 2.9% to 505 million euros.

“We are benefiting from the super cycle in the defence technology business gifted to us by the pressing backlog in military procurement,” CEO Armin Papperger said.

However, sales in the automotive parts division declined 6.6% year-on-year, hit by a global downturn in the auto industry.

Shares in Rheinmetall were up 4.5% in early trade at 0709 GMT.

$1 = 0.9055 euros Reporting by Thomas Seythal; Editing by Kirsten Donovan

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