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PSA’s Net Nearly Doubles in First Half
PSA Group’s consolidated net income in the first half of 2016 surged to a record €1.4 billion ($1.5 billion) from €720 million a year earlier.
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PSA Group’s consolidated net income in the first half of 2016 surged to a record €1.4 billion ($1.5 billion) from €720 million a year earlier.
Operating income zoomed 56% to €1.6 billion ($1.8 billion). Group revenue for the period slipped 1% to €27.8 billion ($30.6 billion). But revenue from automotive operations advanced 3% to €19.2 billion ($21.1 billion).
Vehicles sales in January-June were flat at 1.55 million units. Gains in Europe (+7% to 1.06 million vehicles) and Latin America (+16% to 89,000) were offset by declines in Asia (-19% to 297,000) and the Middle East/Africa (-13% to 87,000).
PSA says it is on track to reduce per-vehicle production costs in Europe by €700 between 2015 and 2018, including €211 saved last year. The company reiterates its goal of achieving an average 4% operating margin on automotive operations in 2016-2018 and 6% by 2021.
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