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PSA Posts First-Half Net Profit
PSA Peugeot Citroen swung to consolidated net income of €720 million in the first half of 2015 from a €42 million loss in the same period last year.
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PSA Peugeot Citroen swung to consolidated net income of €720 million in the first half of 2015 from a €42 million loss in the same period last year. It was the carmaker's first profitable January-June since 2011.
PSA's operating income for the period climbed to €1.4 billion from €1.0 billion. Consolidated net revenue rose 7% to €28.9 billion.
Operating revenue generated by the group's automotive unit grew 4% to €19 billion in the first, backed by a richer sales mix and favorable currency exchange. The unit's recurring operating earnings surged to €975 million from €7 million in the same period last year.
PSA reiterates that is aims to generate free cash flow of about €2 billion in 2015-2017 and reach a 2% operating margin for its automotive operations in 2018.
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