PSA Peugeot Citroen had taken record high profits

Peugeot Citroen's net profit amounted to 680 million euros in the first half

In brief: PSA Peugeot Citroen is one of the few automobile companies, that do not suffer losses, and record profits.

PSA Peugeot Citroen, the second-largest automaker in Europe, reported a profit for the first 6 months of the year. PSA Peugeot Citron amount of profit has surpassed expectations of analysts.

Company’s net profit amounted to 680 million euros (January-June) compared with a net loss of 962 million euros during the same period last year. Analysts expect to see the figure at 417 million euros. PSA Peugeot Citroen sales increased by 21% and amounted to 28.4 billion euros in the first half of 2010. Operating profit of the company over the past six months has reached 1.07 billion euros. According to the Association of European Carmakers data, the company’s share in the European market increased in the first half to 0.8 percentage points – up to 13,7%. CEO Philippe Varin is developing plans to expand presence in emerging markets to reduce dependence on Europe, that accounts for nearly two-thirds of Peugeot Citroen sales.

Igor Tringlers
2010-07-28 09:44, Economics.

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