German automotive supplier Continental said Thursday it achieved record earnings in 2011, despite high raw materials costs, but saw slower growth this year.
The maker of car parts and tyres said in a statement that it "set new records in sales, operating results and net income in its 140th anniversary year 2011."
Continental "grew nearly twice as much as the relevant markets in almost all business areas," it boasted.
Net profit soared by 116 per cent to 1.242 billion euros ($1.6 billion), operating profit was up 32.6 percent at 2.587 billion euros and sales grew by 17.1 per cent to 30.505 billion euros.
Looking ahead to the current year, the group said it aimed to lift sales by "more than 5.0 per cent".