8:00 am, August 3, 2020
Skoda saw its operating profit plummet by 72 per cent for the first six months of 2020 as the coronavirus pandemic took its economic toll.
The firm said sales revenue was €7.55bn in the first six months, but the operating profit still amounted to €228m, while the return on sales stood at three per cent.
The operating profit was down by 72.3 per cent, however, with the firm posting a €824m operating profit in the same period in 2019.
Skoda delivered a total of 426,700 vehicles to customers from January to June, and since June orders have exceeded last year’s level, said the company. That was down 31.3 per cent on the 620,900 cars sold in the same period last year.
Skoda insisted its plans to roll out 30 new models, derivatives and product upgrades between 2019 and 2022 will continue and have been unaffected by coronavirus.
Skoda Auto CEO Bernhard Maier said: ‘Skoda Auto has performed well in recent years and has a solid financial foundation. In response to the current exceptional situation caused by the Covid-19 pandemic, we immediately implemented comprehensive measures to stabilise sales, sales revenue and operating profit.
‘These measures are already proving effective and we will consistently continue along this path in the months ahead. I am convinced, that Skoda will emerge from this situation even stronger.’
Last week Volkswagen Group – which includes Skoda – posted a €1.4bn loss and a hefty decline in vehicle sales amid coronavirus, as reported by Car Dealer.
In contrast to the Volkswagen Group’s losses, rival PSA Group delivered a second quarter profit, also reported by Car Dealer.
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