French carmaker PSA Group delivered a sharp increase in first-half profit, as new models and the integration of Opel-Vauxhall more than made up ...
PARIS: French carmaker PSA Group delivered a sharp increase in first-half profit, as new models and the integration of Opel-Vauxhall more than made up for weaker emerging-market sales.
Recurring operating income at the maker of Peugeot and Citroen cars rose 10.6per cent to 3.34 billion euros , lifting its operating margin to a new record of 8.7per cent in January-June."Our results are proving the sustainability of our performance despite the weakness of global markets," Chief Financial Officer Philippe de Rovira told reporters on a call.
"These headwinds were more than compensated by our efficiency and continuous efforts to save costs," he added. The profit gain came despite a 12.8per cent drop in global sales announced earlier this month, as emerging markets weighed on PSA's overseas business. Revenue fell by a more modest 0.7per cent to 38.3 billion euros, as new models such as the Citroen C5 Aircross and a trio of commercial van launches helped to lift pricing.Net income jumped 24per cent to 1.832 billion euros for the first half, according to the French carmaker, which acquired the Opel-Vauxhall business from General Motors in 2017.
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