German automaker BMW expected profits this year if demand continues to recover.
According to Reuters, the company’s automobile unit posted a record loss in the second quarter after sales fell 25 percent due to public isolation measures to contain the Corona virus.
Sales have started to recover in the last three months, including a jump of 17 percent, said the automaker, BMW and Minnie and Rolls-Royce. In distribution in China, but the recovery will not fully offset the sales the company lost from Covid-19.
As a result of lower sales and higher costs of developing low-emission cars, BMW recorded a pre-tax loss of 498 million euros, its first loss in More than 11 years, plus an operating loss of 666 million euros (790 million dollars) for the quarter.
BMW shares fell three percent after the results, as some analysts said they did not expect such a large loss in profits before calculating interest and taxes. .
What matters now is how strong this upward trend is and when the individual markets will follow, adding that the total July car sales were higher than the year, ”said CEO Oliver Tseibes. The past.
However, PMW said its forecasts did not take into account the potential impact of a second wave of Covid-19 infection nor the possibility of a more sustainable stagnation. Or deeper than expected in its main markets.
(Amazon fun of knowledge)
