15.7 C
London
Wednesday, September 23, 2020

Peugeot maker PSA makes profit despite pandemic sales slide

Must read

WWE star Road Warrior Animal dies aged 60

WWE star Road Warrior Animal has died at the age of 60. The wrester, real name Joseph Laurinaitis, was one half of the Road Warriors...

Actress Alyssa Milano responds to controversy over police call at her home

Actress Alyssa Milano, who has voiced support for the “defund the police movement,” has defended herself against “trolls” after emergency services were called to...

Ryan Reynolds and Kerry Washington among stars urging fans to vote

Ryan Reynolds spelled out what is at stake in the upcoming US presidential election while Kerry Washington pulled a bait-and-switch as celebrities marked Voter...

Some progress in military talks on India and China border standoff

Senior military commanders from India and China have agreed to not add more troops along their disputed border in the mountainous Ladakh region where...

The maker of Peugeot and Citroen cars, PSA Group, has said it made a profit in the first six months of the year even as the coronavirus pandemic caused a deep drop in sales.

The French company, which is in the process of merging with Fiat Chrysler Automobiles, said its first-half profits fell to 595 million euro (£541 million) from 1.83 billion euro a year earlier as sales dropped by 35%, to 25.1 billion euro.

£541 million PSA’s profits in first half of the year

Sales rebounded in July as showrooms reopened from the pandemic lockdown in many countries and PSA said it still expects to report a profit over the period from 2019 to 2021, with an adjusted operating margin of over 4.5%.

That all depends, however, on the development of the health crisis, with case numbers increasing again in some countries, like Spain, and some countries around the world reimposing tougher limits on public life and business.

“Results of operations and financial condition will depend on future developments, which remain highly uncertain and cannot be accurately predicted at this time,” the company said.

Sales rebounded in July as showrooms reopened from the pandemic lockdown in many countries and PSA said it still expects to report a profit over the period from 2019 to 2021, with an adjusted operating margin of over 4.5%.

That all depends, however, on the development of the health crisis, with case numbers increasing again in some countries, like Spain, and some countries around the world reimposing tougher limits on public life and business.

“Results of operations and financial condition will depend on future developments, which remain highly uncertain and cannot be accurately predicted at this time,” the company said.

- Advertisement -

More articles

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article

WWE star Road Warrior Animal dies aged 60

WWE star Road Warrior Animal has died at the age of 60. The wrester, real name Joseph Laurinaitis, was one half of the Road Warriors...

Actress Alyssa Milano responds to controversy over police call at her home

Actress Alyssa Milano, who has voiced support for the “defund the police movement,” has defended herself against “trolls” after emergency services were called to...

Ryan Reynolds and Kerry Washington among stars urging fans to vote

Ryan Reynolds spelled out what is at stake in the upcoming US presidential election while Kerry Washington pulled a bait-and-switch as celebrities marked Voter...

Some progress in military talks on India and China border standoff

Senior military commanders from India and China have agreed to not add more troops along their disputed border in the mountainous Ladakh region where...

Eiffel Tower cordoned off after bomb threat

Paris police have blockaded the area around the Eiffel Tower after a bomb threat was phoned in. Police cars and tape surrounded the streets below...
%d bloggers like this: