August 5, 2020

BMW swings to first loss in a decade as virus hits sales

Berlin (AFP) – German luxury carmaker BMW said Wednesday that it swung into its first loss since 2009 as the coronavirus pandemic ravaged car sales but said it still hopes turn an operating profit for the year. The Munich-based company reported an operating loss (EBIT) of 666 million euros ($787.6 million), compared with an operating profit of 2.1 billion euros in the same period of 2019, after selling around 25 percent fewer cars year-on-year in the three months to the end of June.The group kept net loss to just 212 million euros, as the damage was mitigated by an accounting boost over its ca…


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