(RTTNews) – Volkswagen Group shares lost about 7% in German industry after the automaker reported a loss in the second quarter of last year’s profit on Thursday with particularly low deliveries. In the future, the Company expects the operating source of revenue for fiscal year 2020, before and adding exceptional elements, to be particularly lower than in the past year.
Volkswagen also expects annual sales and deliveries to fall particularly below last year’s point due to the Covid-19 pandemic.
Frank Witter, an executive committee member of the guilty finance and IT group, said, “Due to the trend shown in our company over the past few weeks and the advent of many hot models, we are cautiously positive for the time being part of the year.”
The corporate said the market recovery continued in July and expects its deliveries this month to be lower than last year, only by a percentage. Markets are expected to continue to recover globally in this part of the year.
At the moment quarter, the loss amounted to 1.540 million euros, with a profit of 4.120 million euros a year ago. The earlier tax loss amounted to 2.030 million euros, to a tax profit of 5.490 million euros last year.
Operational source of revenue before exceptional parts negative at 1.71 billion euros, compared to 5.13 billion euros last year, due to the decrease in unit sales due to the sharp drop in visitor demand.
The group’s revenues fell 37% to 41.080 million euros to 65.190 million euros last year.
Deliveries to consumers fell 31.6 percent to 1.89 million cars from last year’s 2.76 million cars. Vehicle sales fell 34.7% from last year to 1.80 million units. Production 1.67 million units, 39.8% less.
In Germany, Volkswagen’s shares were 127.88 euros, down 7.09%.