PARIS, April 20 (Reuters) - French car parts company Faurecia reported a 13.5% drop in first-quarter sales on Monday citing the impact of the coronanavirus crisis.
Faurecia, which is 46% owned by car company PSA, said sales had fallen to 4.33 billion euros ($4.69 billion).
The company dropped its financial guidance in March and this month arranged an 800 million euro loan.
“Our sales in the first quarter were strongly impacted by the global COVID-19 pandemic. This crisis impacted China throughout the quarter, with a peak in February, and then the rest of the world from March,” CEO Patrick Koller said in a statement.
“While China has effectively and safely restarted, we expect the second quarter to be tougher in Europe and North America. The second half of the year should show sequential improvement,” Koller added.
$1 = 0.9223 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely