(RTTNews) – Luxury car manufacturer BMW AG (BMW. L, BAMXF. PK, BAMXY. PK) recorded a loss for the quarter on Wednesday, with a 22% drop in revenue, affected by the market crash following the crown pandemic.
For the quarter, the Group posted an after-tax loss of 212 million euros, to an after-tax profit of 1.48 billion euros last year. The earlier tax loss amounted to three hundred million euros, to a tax profit of 2.05 billion euros recorded last year.
EBIT for the period was a negative 666 million euros versus positive EBIT of 2.2 billion euros last year. The Group’s EBT margin for the three-month period fell to negative 1.5 percent from positive 8.0 percent.
BMW Group’s revenue for the quarter at the time fell 22.3% to 19.97 billion euros, up from 25.71 billion euros last year. Revenues in the automotive industry decreased by 34.2% and motorcycle revenues by 28.2%.
Looking ahead, the Group said it is reaffirming outlook for full year 2020, but uncertainty caused by the global pandemic makes it difficult to make an accurate forecast.