Expects to recover profitability at the end of 2022
MADRID, 28 Oct. (EUROPA PRESS) -
The Spanish automobile brand Seat improved its operating losses by 93.7% until September, bordering on profitability, with 'red numbers' of 10 million euros compared to the 159 million euros it lost in the same period of the previous year, according to data published by the Volkswagen group this Friday.
The firm from Martorell (Barcelona) pointed out that without counting the extraordinary expenses it would have closed the first nine months of the year with an operating profit of 234 million euros. The quarterly data show an operating profit of 87 million euros, compared to the negative figure of 133 million a year earlier.
Seat indicated that during the second quarter of the current year it implemented a series of measures amounting to 244 million euros aimed at "adjusting the structure" of the company, which caused the operating result to continue to be negative in the period, despite the significant reduction of losses.
From the company they explained that these figures show that the "positive" trend that began in the first half of the year is maintained thanks to the optimization in the management of income, including the growth of Cupra, and the improvement in the 'mix' of models and cost reduction.
The company's turnover between January and September stood at 7,820 million euros, which translates into a rise of 7.7% in the year-on-year comparison, while its global sales fell by 25.4%, to 292,000 units.
The company justified this decrease in its registration volumes until September by the global shortage of semiconductors, although it highlighted the contribution of Cupra to the increase in income.
Cupra registered 109,700 vehicles in all the markets in which it operates since last January, which represents an increase of 88.7% compared to those months of 2021, contributing "positively" to operating profit.
The firm from Martorell highlighted, in this line, the demand experienced by the Cupra Formentor model, the company's best-selling vehicle with more than 74,000 units delivered until last month.
Looking ahead to the end of 2022, the Spanish company is confident of regaining profitability again, since, in its opinion, it is on the "right path" to do so. "2022 is the year of the 'turnaround'", they affirmed from the brand.
"Seat is focusing its attention even more on different levers - revenue management, as well as cost structures and efficiencies - that will build a more solid and sustainable financial structure over time," they concluded from the brand.
