PSA Peugeot-Citroen net profits tumble
Reading manufacturers' quarterly balance sheets can often prove a tortured business. Optimistic spin is put on what can be rather glum findings. To wit: PSA Peugeot-Citroen's latest report on the state of its coffers. Among the many 'objectives met', 'stabilising performance' and 'favourable signs' such as the strong growth of car sales outside of western Europe and the improvement of the 'financial position' of its entire portfolio, PSA's net profits actually fell by 11 percent in the half-year up to June, from 869m euros to 681m euros. Still, this is a better result than analysts' early forecasts, and so PSA's executives are cheery. Chairman Jean-Martin Folz told Automotive News Europe that 'he hoped "positive trends" such as a recovering western European market would continue over the next few months and that PSA would decide in October whether or not its targets were overly cautious.' That recovering market saw PSA's core car sales rise just 4 percent - not great considering sales successes from newcomers such as the 407. Its Chinese and Latin American operations are said to still be in arrears, but minor markets such as eastern Europe and North Africa saw a boost in sales.
PSA Peugeot-Citroen net profits tumble - Latest Car News from 4Car
PSA Peugeot-Citroen net profits tumble - Latest Car News from 4Car
