PSA Profit Jumps 32% as French Carmaker Downplays Brexit
- Brexit is opportunity to ‘demonstrate agility,’ CFO says
- PSA first-half automotive recurring profit margin was 6.8%
PSA: Brexit Not a Top Concern, China Profit Will Improve
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PSA Group’s first-half earnings jumped 32 percent as Europe’s second-biggest carmaker promised cost cuts will keep its turnaround on track and downplayed the future impact of Brexit on its home market.
Recurring operating income rose to 1.83 billion euros ($2.01 billion) from 1.38 billion euros a year earlier, the company said in a statement Wednesday. That compared with a 1.47 billion-euro average of five analyst estimates compiled by Bloomberg. Revenue fell 0.9 percent to 27.8 billion euros.