Volkswagen Group's operating profit slumps 81%

The Volkswagen Group recorded revenue at €55.1 billion in the first quarter of fiscal 2020, slipping 8.3% compared to the same period last year, the company announced on Wednesday, Report informs, citing Teletrader.

Operating profit before special items slumped 81.4% annually to €0.9 billion, while earnings before tax landed at €682 million, plunging 83.3% year-over-year.

The German carmaker said its deliveries reached 2 million units in three months ending March, sliding 23% compared to the same trimester of 2019.

"The global Covid-19 pandemic substantially impacted our business in the first quarter. We've taken numerous countermeasures to cut costs and ensure liquidity, and we continue to be robustly positioned financially. The Volkswagen Group is steering through this unprecedented crisis with focus and determination," Volkswagen Chief Financing Officer Frank Witter commented on the results.