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Agricultural Development Bank of China
dpa

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German firms face long road to normality after coronavirus chaos

August 18, 2020


Abstract : German companies expect to wait another 11 months on average before their business situation returns to normal, according to a study released on Thursday, as a slew of quarterly financial results painted a chaotic picture in Europe's largest economy.

German companies expect to wait another 11 months on average before their business situation returns to normal, according to a study released on Thursday, as a slew of quarterly financial results painted a chaotic picture in Europe's largest economy.

Service providers were anticipating the longest period of recovery from the coronavirus crisis, at 11.7 months, the ifo research institute said, citing the results of its July business survey.

It was expected to take 11.1 months in construction, 10.3 months in trade, and 10.1 months in manufacturing, the Munich-based researchers said.

"The road to normalcy is still very long for many companies," ifo researcher Klaus Wohlrabe said in a statement. "Even once all public restrictions are lifted, companies will still have to deal with their consequences."

Tui Group, a major travel company based in Hanover, revealed the extent of its losses on Thursday as a result of the halt on global tourism earlier this year.

Mass cancellations during the April-June period caused the company to report a 1.4-billion-euro (1.65-billion-dollar) net loss.

According to the ifo study, travel agencies, tour operators and reservation services specifically were looking at a 14.6-month wait before it's business as usual.

Meanwhile, the Thyssenkrupp industrial engineering and steel company reported a net loss during that same three-month period of 819 million euros, citing the coronavirus pandemic and resulting plant closures.

The already embattled German conglomerate had reported a 229-million-euro loss during the same period of 2019.

Energy firm RWE and telecoms provider Deutsche Telekom, both DAX-listed companies, managed to stay in the black.

However, Telekom's quarterly profit still took a 20.1-percent hit - falling to 754 million euros - due to its acquisition of US competitor Sprint.

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Keyword: German economy COVID-19

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