Peugeot swings to first profit since 2011
Staff writer ▼ | July 30, 2015
PSA Peugeot Citroen reported its first-half results. Consolidated net revenue represented €28,904 million in the first half of 2015, up 6.9% vs 2014. The Automotive Division reported revenue of €19,409 million, a year-on-year rise of 4.3% driven by the increase in net prices, a positive product mix and a favourable currency impact.Article continues below
Consolidated Recurring Operating Income amounted to €1,424 million, versus €387 million in first-half 2014. Most of the growth came from the Automotive Division, with a €968 million improvement due to a favourable business environment contributing for nearly a third, and the combined impact of cost saving and positive product mix effects - reflecting the success of recent vehicle launches and the pricing power policy.
The Automotive Division's pro forma recurring operating income, which includes 50% of the results of Chinese joint ventures, was up €1,065 million1 to €1,193 million.
Non-recurring operating income and expenses resulted in a net expense of €342 million in the first half of the year, primarily due to restructuring costs incurred by the Automotive Division.
Financial income and expenses represented a net expense of €336 million compared with €344 million in first-half 2014.
Net income for the period came to €720 million, up €762 million year-on-year. ■ What to read next
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