Firms crippled by coronavirus report miserable second quarter results – Times of Oman

Firms crippled by coronavirus report miserable second quarter results – Times of Oman

London: Loss after economic loss rolled in on Thursday as global companies and national governments reported record-low financial results for the second quarter of 2020, when the coronavirus pandemic ground economies around the world a halt.

In Germany, gross domestic product fell 10.1 per cent in the economic period lasting from April to June, government figures showed, the worst decline in over 50 years.

Mexico, the second largest economy in Latin America, also reported a double-digit contraction of 17.3 per cent, its greatest decline in GDP on record.

Flagship German firms flounder

Germany's embattled rail operator Deutsche Bahn reported its worst quarterly performance ever, with CEO Richard Lutz confirming a loss of €3.7 billion ($4.4 billion).

"The virus has abruptly put the brakes on our successful growth course and plunged Deutsche Bahn into the worst financial crisis in its history," Lutz said.

In March and April, Deutsche Bahn at times had only 10 per cent of its normal passenger volume, while at the same time maintaining 90 per cent of its trains at the request of the German government.

German carmaker Volkswagen (VW) reported a pre-tax loss of €1.4 billion for the first half of 2020, compared to a pre-tax profit of €9.6 billion for the same