Two of Germany’s biggest corporations reported huge losses on Thursday, illustrating the degree to which the pandemic has pushed companies to the brink.
The steel maker Thyssenkrupp reported a net loss from April through June of 668 million euros, or $790 million, caused by shutdowns of auto factories, which are big users of the company’s products. Thyssenkrupp was troubled even before the pandemic hit, and has lost nearly 2 billion euros over the last nine months.
TUI, a travel company with its own network of resort hotels, cruise ships and jetliners, reported a quarterly loss of €1.5 billion after customers canceled vacations and operations came almost to a standstill. TUI took in virtually no revenue during the quarter.
Both companies said they saw signs of improvement but were not yet ready to predict a turnaround. “Due to the continuing disruptions to economic and public life,” Thyssenkrupp said in a statement, “forecasts for the remaining months of the fiscal year are still subject to major uncertainties.”