PSA posts profit gain as Opel turnaround takes root

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Reuters
July 24, 2018 08:15 CET

PARIS — PSA Group said first-half earnings rose 18 percent, as it returned the newly acquired Opel-Vauxhall business to profit.

Net income rose to 1.48 billion euros ($ 1.73 billion) as revenues jumped 40 percent to 38.6 billion euros, PSA said in a statement on Tuesday.

“The turnaround of Opel-Vauxhall is now clearly underway,” Chief Financial Officer Jean-Baptiste de Chatillon told reporters on a call.

Opel-Vauxhall, which was acquired last year from General Motors, posted a 502 million profit amounting to a 5 percent profit margin, while PSA’s existing automotive business lifted profitability to 8.5 percent.

The group’s overall recurring operating profit rose by almost half to 3.02 billion euros.

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