Aston Martin in revenue reverse after float skids.
Byline: JOE CURTIS @joe_r_curtis
ASTON Martin fell to a PS3.2m loss in the first quarter of 2019 even as it boosted production and sales.
The luxury car manufacturer took a hit in the three months to the end of March, recording a pretax operating loss of PS3.2m, compared to a PS22m profit in the same period last year.
Earnings before interest, tax, depreciation and amortisation also underwhelmed, with the figure of PS28.3m missing company-compiled analyst expectations of PS31m.
Revenue beat analyst expectations by PS5m, as the makers of James Bond's favourite car said sales climbed six per cent to PS196m.
Higher costs weighed down Aston Martin's profit as it boosted manufacturing output following its London Stock Exchange float late last year.
The high-end car maker is expanding the range of vehicles it produces as well as investing more in its plants, but surging demand in China and the US offset lower revenue in the UK and Europe.
Growth in Chinese demand soared 29 per cent, while the Americas bought 20 per cent more Aston Martins than last year. Aston Martin said: "This performance reflects the higher than usual dealer inventory levels at the start of the year, particularly in the UK and Europe given the late December deliveries due to fourth quarter supply chain disruption."
The firm did well in China despite a broader car sales slowdown
|Printer friendly Cite/link Email Feedback|
|Publication:||City AM (London, England)|
|Date:||May 16, 2019|
|Previous Article:||Cineworld on track as it awaits bumper releases in year ahead.|
|Next Article:||As Julian Richer hands over company shares, are staff-owned firms better for the economy? DEBATE.|