Volkswagen expects very bad second-quarter, positive 2020 adjusted operating profit

HAMBURG (Reuters) – Volkswagen expects a very bad second quarter, but also sees a positive adjusted operating profit before special items for 2020, Chief Financial Officer Frank Witter said in an internal newsletter.

The coronavirus pandemic had caused results to deteriorate in the second quarter, the multi-brand carmaking group said.

“Nonetheless there is hope for the second half of the year. The aim is at year end, to have a positive operating result before special items,” Witter told the newsletter.

A Volkswagen spokesman confirmed the remarks made by Witter, which were first reported in Wirtschaftswoche.

(Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Riham Alkousaa)