German lighting group Osram on Thursday posted a decline in revenues and a quarterly loss as the COVID-19 pandemic weighed on demand from the automotive industry and from customers active in cinema lighting and building illumination.
Revenues decreased by 4.7% to 821 million euros, while the net loss came in at 39 million euros, compared to 91 million in the year-earlier period, due to continued restructuring costs.
"It has been a challenge to maintain production largely on a regular basis in recent weeks," Chief Executive Olaf Berlien said in a statement, adding that the company is increasing its liquidity by around 200 million euros through shortened working hours and the review of investments.
"Osram will only be able to update its forecast when the general market situation allows more clarity," the company said.
Osram, which is being acquired by Austrian sensor maker AMS, announced in mid-March that it will not achieve its original 2020 targets.
(Reporting by Arno Schuetze; editing by Thomas Seythal)