Volkswagen: first quarter 'substantially impacted' by Covid
(CercleFinance.com) - Volkswagen Group said its business was "substantially impacted" by the Covid-19 pandemic in the first quarter, which reflected in lower sales and profit over the period.
The German carmaker said its operating profit before special items fell by over 81% in the first three months of the year, to 900 million euros compared with a profit of 4.8 billion euros in the same period last year.
Earnings before tax fell to 700 million euros, VW said, from 4.1 billion euros in the first quarter of 2019.
Deliveries to customers fell 23% year-on-year, to 2 million units, from 2.6 million vehicles a year ago.
As a result, the group's revenue fell by 8.3% in the January to March period, to 55.1 billion euros.
Even so, the Frankfurt-listed shares were up 2% after this report.
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