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Aston Martin’s Pretax Profit Plunges 50%
Aston Martin Lagonda Ltd. reports its pretax profit in the first quarter of 2018 shrank to £2.8 million ($3.8 million) from £5.5 million in the same period last year.
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Aston Martin Lagonda Ltd. reports its pretax profit in the first quarter of 2018 shrank to £2.8 million ($3.8 million) from £5.5 million in the same period last year.
The iconic British carmaker says earnings were affected by an unfavorable £5 million swing in exchange rates on imported components, coupled with a 50% jump to £68 million ($91 million) in spending on new products.
Adjusted first-quarter earnings before interest, tax, depreciation and amortization rose 3% to £44 million ($59 million).
Aston Martin says its wholesale deliveries dropped to 963 units from 1,203 in January-March last year. But revenue for the period dipped only 2% to £185 million ($248 million), because the average price per vehicle climbed 11% to £160,000 ($14,600).
Chief Financial Officer Mark Wilson says the company won’t be “strongly profitable” for a few years.
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