2024-05-03 02:56:23
Luxury car maker Aston Martin reported widening losses in the first quarter of this year as the company halted production of its core models ahead of the launch of new models later this year, CBS reported.
Shares in the British company tumbled more than 12 percent in early trade in London before paring losses to 6.3 percent by midday Bulgarian time.
The negative financial result at the beginning of the year before taxes almost doubled to 110.5 million pounds ($137.8 million), compared with a loss of 57.3 million pounds in the first three months of 2023. Analysts had expected a loss of in the amount of 93 million British pounds, notes Reuters.
Revenue fell 10 per cent to £267.7m, while net debt rose 20 per cent to £1.04bn.
Aston Martin said today that the start of deliveries of four new models in 2024 will lead to “significant growth” in the second half of the year and beyond.