[AUTO] PSA earned 376 million in the first half, 81% less for the Covid-19

[YaKuZa--BoSs]

An operating margin target of 4.5% is set for the period between 2019 and 2021

 

 

The PSA Group managed to avoid losses in the first half of the year, posting a net profit of 376 million euros, which represents a decrease of 81.6% compared to the same period of the previous year, according to data published on Tuesday by the company.

The president of the consortium, Carlos Tavares, affirmed that the semiannual results show the "resilience" of the company and stressed that they are "a reward" for six consecutive years of intense work to increase agility and lower the 'break even'.

"We are determined to achieve a solid recovery in the second half and complete the birth of Stellantis before the first quarter of 2021," said the head of the French multinational.

 

 

Between January and June, PSA recorded revenues of 25,120 million euros, which translates into a decrease of 34.4% in the year-on-year comparison, while operating profit was 482 million euros, 96.7% less .

The component manufacturing division Faurecia obtained current operating losses of 159 million euros, with a turnover of 3,739 million euros, 13.5% less, while Banque PSA Finance registered a current operating profit of 463 million, 9 , 7% less.

For the whole of 2020, the company estimates that the European market will fall 25%, with a 30% collapse in Russia, while its estimate is that registrations drop 10% in both China and Latin America.

 

 

The PSA Group aims to achieve an average current operating margin above 4.5% for the automobile division in the period between 2019 and 2021.