FRANKFURT, Sept 14 German automotive supplier
Leoni slashed its 2016 profit forecast, saying it
seemed unrealistic to hope it could reclaim before the end of
the year 40 million euros ($44.9 million) it lost due to fraud.
The group said on Wednesday it now saw its earnings before
interest and tax for 2016 coming to 65 million euros, down from
a previous aim of 105 million.
It affirmed its 4.4 billion euro sales target for the year.
Shares in Leoni briefly turned negative but then recovered
to trade 2 percent higher at 32.94 euros by 1212 GMT.
Leoni had said in August that fraudsters had used falsified
documents and identities to funnel company funds abroad, causing
40 million euros of damages.
($1 = 0.8910 euros)
(Reporting by Maria Sheahan; Editing by Arno Schuetze)