Volkswagen: posts second-quarter operating loss

(CercleFinance.com) - Volkswagen has posted a 2.
4 billion euros for the second quarter, due to the impact of the Covid-19 pandemic, but the German auto giant said it still expects positive operating profit over the full year.

Excluding special items, the group - which has 12 brands - made an operating loss of 1.7 billion euros, compared to a 5.1 billion euro profit in Q2 2019, the company said.

The company said it expects sales to fall significantly below the previous year's level in 2020, as a result of the Covid-19 pandemic.

Yet, the carmaker anticipates its operating result for 2020 before and including special items to be "in positive territory," albeit a lot below the level last year.

The Frankfurt-listed shares were down almost 5% after the report.

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