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French automaker PSA posted record profits for the first half of 2019, easing the industry's sluggishness, cost control and the roll-out of new models offsetting the pressure on emerging-market sales.
The group's revenues reached 38.3 billion euros, the operating margin reached a record 8.7% and the group generated 1.6 billion euros of available cash. The current operating income of the group jumped 10.6% to 3.4 billion euros.
Profits were also boosted by the integration of Opel-Vauxhall, the German-British carmaker acquired by the French group in 2017, which posted a profit after recording years of losses under the United States. former owner General Motors.
"Thanks to our focus on executing our strategic plan, we achieved significant free cash flow and a recurring operating margin in the first half. We are ready for electrification and to meet the next technological challenges, "said Carlos Tavares, general manager of PSA.
Earlier this month, PSA announced that its global sales for the six-month period stood at 1.9 million vs. 2.18 million the year before, with sales down nearly 30% in South America and 62% in China.
The automaker announced Wednesday expecting a 1% contraction in the automotive market in Europe in 2019, as well as 4% in Latin America and 7% in China. While he sees a 3 percent growth in Russia.
PSA shares have risen by more than 21% since the beginning of the year.
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