peugeot returns to profit in first half
Last Updated : GMT 06:32:30
Arab Today, arab today
Arab Today, arab today

Peugeot returns to profit in first half

Arab Today, arab today

Arab Today, arab today Peugeot returns to profit in first half

Peugeot
Paris - AFP

French automaker Peugeot on Wednesday announced a return to profitability in the first half of the year with a net profit of 571 million euros ($630 million), sending its share price soaring.

PSA Peugeot Citroen shares were up 5.54 percent to 18.77 euros in generally flat mid-afternoon trading on France's CAC 40.

The group had posted a 114 million euro loss in the first half of 2014.

Analysts at Morgan Stanley called the group's first positive semester since 2011 "very impressive"given the industry's tight margins, saying Peugeot had benefitted from its restructuring efforts and favorable exchange rates.

The turnaround comes a little over a year after Carlos Tavares, former number two at rival Renault, took the helm when PSA was on the brink of bankruptcy.

In April 2014, the French state and Chinese auto group Dongfeng each took a 14 percent stake in the family firm in exchange for a 3.0 billion euro capital injection.

The group attributed the growth to a "positive product mix" and favorable exchange rates.

Turnover was also up 4.7 percent to 28.9 billion euros, of which the automobile division accounted for 19.4 billion euros.

Tavares said Peugeot was "a little ahead" with its plan to return to profitability dubbed "Back in the Race", launched in 2014.

"Even if we are a little ahead with our plan, we think we need to stay focussed. The more we see adverse winds coming... the more we are persuaded that we must stay very focussed until the end of this plan's implementation," he said in a conference call with investors.

Financial director Jean-Baptiste Chatillon, for his part, said the slowdown in China -- the group's biggest market -- was of concern.

"The Chinese market is in the midst of a transformation," he said. "We will adapt to it. It's certainly an important thing to watch... but it is certainly not an obstacle to the plan."

The group is banking on 6.0 percent growth in the European auto market and 3.0 percent growth in China, while declines of 15 percent and 35 percent are expected in Latin America and Russia respectively.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

peugeot returns to profit in first half peugeot returns to profit in first half

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

peugeot returns to profit in first half peugeot returns to profit in first half

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday