VOW3 Volkswagen AG

   By Jessica Sier 
 

Audi AG reported a fall in first-quarter revenue and operating profit on Thursday, citing turbulence in the raw-material and financial markets.

The German Volkswagen AG subsidiary said 1Q revenue fell to 12.5 billion euros ($13.57 billion) from EUR13.8 billion a year earlier.

Operating profit came in at EUR15 million, with an operating margin of 0.1%.

"In addition to the negative market development, the principal factor here was turbulence on the raw-material and financial markets," the company said.

Audi deliveries fell 21.1% to 352,993 vehicles as the coronavirus pandemic caused a global drop in consumer demand and the closure of car dealerships, the company said.

The company said net cash flow is at EUR1 billion, with a net liquidity of EUR18.8 billion at the end of March.

Audi said the coronavirus pandemic will likely keep car deliveries, revenue and operating profit and net cash flow for 2020 below the prior-year level.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

April 30, 2020 06:33 ET (10:33 GMT)

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