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PSA’s First-Quarter Revenue Slips
PSA Group reports its revenue in the first quarter of 2016 declined 2% to €13 billion because of unfavorable exchange rates.
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PSA Group reports its revenue in the first quarter of 2016 declined 2% to €13 billion because of unfavorable exchange rates. The total includes €4.7 billion ($5.3 billion) from the company’s Faurecia partsmaking affiliate.
The company says delivery gains of 16% in Latin America and 6% in Europe were offset by lower demand in Algeria, China, India and the Middle East.
PSA’s “Push to Pass” strategy announced earlier this month aims to increase revenue 10% to about €60 billion ($68 billion) by 2018. Chief Financial Officer Jean-Baptiste de Chatillon asserts that the company expects to reach its goals in spite of the continuing volatility in the business environment.
PSA expects overall car makers in Europe and China to grow 4% and 5%, respectively. It forecasts markets will shrink 10% in Latin America and 15% in Russia this year.
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