VW’s Skoda operating profit drops 25% in first-quarter, expects biggest hit in first-quarter

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FILE PHOTO: Workers enter Skoda Auto’s factory as the company restarts production after shutting down last month due to the coronavirus disease (COVID-19) outbreak in Mlada Boleslav, Czech Republic, April 27, 2020. REUTERS/David W Cerny

PRAGUE (Reuters) – Operating profit at Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), fell 25% in the first quarter to 307 million euros as the new coronavirus outbreak started to bite, the company said on Monday.

Skoda said it expected the biggest impact from the outbreak to hit in the second quarter after a multi-week outage at its domestic plants.

In the first quarter, revenue was down 1.4% to 4.85 billion euros while worldwide deliveries fell 24% to 232,900 vehicles.

Reporting by Jason Hovet, Editing by Michael Kahn

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