Volkswagen cuts dividend as first-half profits plunge on pandemic sales drop
Reuters
Published Jul 30, 2020 01:42AM ET
FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p) unveiled a first-half operating loss on Thursday after the carmaker suffered a 27% drop in vehicle deliveries due to the coronavirus pandemic, a step which forced to carmaker to slash its dividend.
Volkswagen predicted sales for the full year to significantly fall from 2019 levels, but added that as lockdowns eased, global sales have staged a gradual recovery.
The carmaker posted an adjusted operating loss of 800 million euros ($940 million) in the January to June period, down from a 10-billion euro adjusted operating profit in the year-earlier period, and said it will cut its dividend for 2019.
It proposed a dividend of 4.80 euros per ordinary share and 4.86 euros per preferred share, slashing its initial proposal of 6.50 euros per ordinary share, and 6.56 euros.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.