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Audi AG Q1 Profit Down On Lower Volume; Warns On Audi Core Brand Results

German luxury automaker Audi AG (AUDVF.PK), affiliated to Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE), reported Thursday that its first-quarter profit after tax fell to 431 million euros from 929 million euros last year.

Profit before tax declined to 545 million euros from last year's 1.20 billion euros.

Operating profit was 15 million euros, down from 1.10 billion euros a year ago, which corresponds to an operating return on sales of 0.1 percent, down from 8 percent last year.

Audi Group generated revenue of 12.45 billion euros, down from 13.81 billion euros a year ago. The year-on-year decline was mainly due to the negative development of key markets due to the coronavirus pandemic. In the Automotive segment, revenue was 12.31 billion euros, down 13.63 billion euros last year.

Audi Group produced a total of 369,975 cars, down from last year's 442,831 cars, and produced 13,395 motorcycles, down from 16,183 motorcycles last year.

Audi Group delivered 354,946 cars worldwide, down from 449,252 cars last year. Due to lockdowns and closed dealerships worldwide, deliveries of Audi-brand cars fell 21.1 percent to 352,993 cars.

Looking ahead, the company expects the corona pandemic would have a significant impact on the global economy and car markets over the full year, and currently assumes that deliveries of the Audi core brand, revenue and operating profit will be well below the prior-year levels.

In Germany, Audi Group shares were trading at 1,010 euros, up 2.02 percent.

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