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Leoni posts Q1 operating loss on Ukraine war, higher costs

Reuters
·1-min read

FRANKFURT (Reuters) - German cable and harness maker Leoni, 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.

($1 = 0.9460 euro)

(Reporting by Christoph Steitz in Frankfurt; Editing by Matthew Lewis)