Continental AG (CON.XE) said Tuesday that net profit slipped in the first quarter, citing currency effects. Net profit in the quarter fell 1.6% to 737.6 million euros ($882 million) compared with EUR749.6 million a year earlier. Continental said it expects earnings in the first half to be hit by negative currency and valuation effects totaling around EUR150 million. "Our first quarter was weighed down by strong exchange-rate effects in smaller markets in which our local production footprint is very limited," said Chief Executive Wolfgang Schaefer. Continental's operating profit is largely hedged against exchange-rate effects at the corporate level, he said. The German engineering company said last month that earnings before interest and taxes in the first quarter fell to EUR1.02 billion from EUR1.14 billion in the same period a year earlier. Revenue edged 0.1% higher to EUR11.01 billion, while adjusted operating profit fell 9% to EUR1.06 billion, it said previously.via