BERLIN, May 9 (Reuters) - German auto supplier Continental said on Thursday it still expects a market upturn in the second half of this year and affirmed its profit guidance, after a downturn in global car demand dragged net profit down 22 percent in the first quarter.
The Hannover-based automotive supplier said net profit for the first three months of the year came in at 575 million euros ($644 million) compared to 738 million a year earlier.
“The start of the new business year was challenging as expected,” Chief Financial Officer Wolfgang Schaefer said in a statement. “However, last year we began strengthening our cost discipline. That is benefiting us now.”
Reporting by Caroline Copley Editing by Thomas Seythal