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BMW posts 2Q Ebit loss 
Published on: Thursday, August 06, 2020
By: Reuters
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BMW posts 2Q Ebit loss 
Credit: channelnewsasia.com
FRANKFURT: BMW said it expected an operating profit for the full year even as Covid-19 coronavirus lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell 25 per cent during the period.

The Munich-based carmaker said it swung to a 666 million euros ($786 million) loss before interest and taxes in the quarter ending June, down from a 2.2 billion euros operating profit a year earlier.

BMW reiterated that it expected pre-tax 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 (Ebit) of 0 per cent to 3 per cent this year, versus the 2-4 per cent before the pandemic.

BMW on Wednesday reiterated its margin guidance for the automotive division.  

Keywords:
auto




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