PSA: Brexit Not a Top Concern, China Profit Will Improve
PSA Group’s first-half earnings jumped 32 percent as Europe’s second-biggest carmaker promised it will remain on a turnaround 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. “Negative headwinds such as Brexit will be an opportunity for us to demonstrate our agility,” Chief Financial Officer Jean-Baptiste de Chatillon said in a conference call with reporters, referring to the U.K. vote in June to leave the European Union. He later joined Bloomberg's Francine Lacqua on "The Pulse" to discuss business and the Chinese market.