PARIS (dpa-AFX) - French car maker PSA Group, (PEUGF.PK), earlier called as PSA Peugeot Citroën, reported Wednesday that its first-half Group consolidated net profit amounted to 1.383 billion euros, up by 663 million euros. Net income, Group share, was 1.212 billion euros, compared to 571 million euros in the first half of 2015.
Group Recurring Operating Income climbed 32 percent to 1.830 billion euros with strong growth in Automotive division, buoyed particularly by increased volumes, as well as the continued reduction of fixed costs and production costs.
Group revenue amounted to 27.779 billion euros in the first half of 2016, down 0.9 percent from 28.036 billion euros last year. Revenues grew 2.4% at constant exchange rates.
Looking ahead, for 2016, the company expects the automotive market to grow by about 4% in Europe and 8% in China, and to shrink by around 12% in Latin America and 15% in Russia.
Under the Push to Pass plan, unveiled in April, the company continues to expect to reach an average 4% automotive recurring operating margin in 2016-2018, and target 6% by 2021. The company also expects to deliver 10% Group revenue growth by 2018 vs 2015, and target additional 15% by 2021.
Copyright RTT News/dpa-AFX