BMW said it expected an operating profit for the full year even as coronavirus lockdowns pushed the carmaker to a second-quarter operating loss ...
BMW said it expected an operating profit for the full year even as coronavirus lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell 25per cent during the period.
FILE PHOTO: The BMW M8 is seen during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease in Bangkok, Thailand July 14, 2020. REUTERS/Jorge Silva/File PhotoFRANKFURT: BMW said it expected an operating profit for the full year even as coronavirus lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell 25per cent during the period.
The Munich-based carmaker said it swung to a 666 million billion euros loss before interest and taxes in the quarter ending June, down from a 2.2 billion euros operating profit in the year-earlier quarter.BMW reiterated that it expected pretax profit to be significantly below 2019 levels and for car deliveries to customers to fall significantly this year.
In May, the auto maker warned it would post a second quarter loss and slashed its outlook, forecasting an automotive margin on earnings before interest and taxes of 0per cent to 3per cent this year, versus the 2-4per cent before the pandemic.
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