Arab Today, arab today peugeot returns to profit in first half
Last Updated : GMT 15:30:37
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.

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*

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

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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