Two of Germany’s largest companies reported huge losses on Thursday, showing the extent to which the pandemic has marginalized companies.
The steel manufacturer Thyssenkrupp reported a net loss of € 668 million, or $ 790 million, from April to June from the closure of auto factories that are major users of the company’s products. Thyssenkrupp was worried even before the pandemic and has lost almost 2 billion euros in the past nine months.
TUI, a travel company with its own network of resort hotels, cruise lines and jetliners, posted a quarterly loss of € 1.5 billion after customers canceled their vacations and operations nearly came to a standstill. TUI generated practically no revenue in the quarter.
Both companies said they saw signs of improvement, but were not yet ready to predict a turnaround. “Due to the ongoing disruptions in economic and public life,” said Thyssenkrupp in a statement, “the forecasts for the remaining months of the fiscal year are still subject to great uncertainty.”