Gestamp has recorded first quarter net income down 66% to EUR14m (US$15m), as the impact of the coronavirus pandemic is felt.

Reported revenue was down 7.3% to EUR2bn in a market which fell 23% during the period.

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“During Q1, 2020 we have been able to manage the business fairly well despite the uncertain market environment as a result of the COVID-19 pandemic,” said Gestamp executive chairman, Francisco Riberas.

“Gestamp has been applying security protocols and will continue to do so to guarantee the safety of our employees and operations as we restart operations.

“Gestamp is facing the COVID-19 crisis with a strong financial profile and enhancing its liquidity position and diversification of financial sources. We are implementing an action plan focused on cash preservation.

“The company is working on a proactive assessment of the different scenarios in order to adapt its long-term oriented strategy to the changing market environment, always keeping our clients at the centre of our business and focusing on the future.”

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The supplier’s facilities in all regions experienced a gradual closure, starting in China at the end of January, continuing to operations in Europe in mid-March and extending quickly to the Americas.

Some Group plants have resumed operations, including all facilities in China and a gradual re-opening of the rest of its sites is expected during the coming weeks.