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The net profit of the French group PSA Peugeot Citroën rose by 18% in the first half of 2018, supported by the acquisition of Opel, MarketWatch and Reuters report
In the first half of this year, earnings net rose to 1.48 billion euros ($ 1.73 billion), while revenues rose 40% to 38.6 billion euros, while analysts expect a gain of 1 , 36 billion euros in turnover "It is clear now that Opel-Vauxhall's turnaround is underway," said Jean-Baptiste de Chatillon's chief financial officer.
In March 2017, the French automaker agreed to acquire Opel $ 2.2 billion ($ 2.4 billion) from General Motors. According to the strategy presented in November, Opel intends to achieve a profitable return by 2020 and offer electric versions of all its passenger vehicles by 2024. By then, the company wants to reach a profit margin of 2%, rising to 6% by 2020.
Opel's profit amounted to 502 million in the first half of 2018, while the profit margin reached 5%.
PSA Group's operating profit nearly doubled in the first six months this year to 3.02 billion euros, while analysts expected 2.33 billion euros [19659003] The PSA has maintained its estimates for this year when the European car market should remain stable in time which in Latin America is expected to increase sales by 4%, Russia by 10% and China by 2%.
PSA Peugeot Citroën's worldwide shipments increased by 38% in the first half of 2018, to 2.18 million vehicles compared to 1.58 million over the same period in 2017.
Excluding Opel and the sister brand Vauxhall, sales were much more modest, 1.9%, with growth in Europe partially offset the decline in the Middle East. In May, the PSA began suspending the activities of its joint ventures in Iran after President Donald Trump announced the withdrawal of the United States from the nuclear deal with Iran and the reintroduction of sanctions [19659003] PSA deliveries to the Middle East decreased by 25.8% in the first half of 2018, reflecting the exit of the Iranian market
In Europe, the new range of SUVs contributed to the increase in sales of 8 , 4%, excluding Opel-Vauxhall activity
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