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PSA’s Profits Climb 11% in First Half
PSA Group posted big profit gains in the first half of 2019 in spite of a dip in revenue.
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PSA Group posted big profit gains in the first half of 2019 in spite of a dip in revenue.
Group revenue in January-June slipped 1% to €38.3 billion ($42.7 billion). The company says a richer product mix partly offset unfavorable exchange rates and a 1% drop in unit sales.
PSA’s first-half recurring operating income climbed 11% to €3.3 billion ($3.7 billion), thanks to a 13% jump to €2.7 billion for the automotive division. The company attributes the improvement to efficiency gains and continuous cost-cutting as it more fully integrates its 2017 acquisition of Adam Opel AG from General Motors Co.
Net income attributable to shareholders grew 24% to €1.8 billion in the first half.
The company predicts growth in its major markets this year will improve in Russia (+3%) but shrink in Europe (-1%), Latin America (-4%) and China (-7%).
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