BMW Posts Loss In Q2, Revenues Down
(RTTNews) - Luxury car maker BMW AG (BMW.L, BAMXF.PK, BAMXY.PK) Wednesday posted a loss for the second quarter, with 22 percent decline in revenues, affected by market downturns following the corona pandemic.
For the quarter, the Group posted a loss after tax of 212 million euros, compared to last year's profit after tax of 1.480 billion euros. The loss before tax totaled 300 million euros, compared to the profit before tax of 2.05 billion euros recorded in the prior 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's Group revenues for the second quarter declined by 22.3 percent to 19.97 billion euros from 25.71 billion euros last year. Revenues in Automotive segment were down 34.2 percent, and revenues in Motorcycle segment declined by 28.2 percent.
For the half year, the Group's net profit fell 82.5 percent to 362 million euros, and Group revenues slid by 10.3 percent to 43.2 billion euros.
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.
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