Peugeot with positive financial report
The second largest European car company PSA Peugeot Citroen returned to profit in the first half of the year with the help of government incentives for the automotive sector, which stimulated sales in Europe this year. Net profit of the French company for the period from January to June amounted to 680 million euros, compared with a loss of 962 million euros a year ago. The revenue for its first half year increased by 21% yoy to 28.40 billion euros, which contribute to programs of European governments to encourage purchases of cars and the release of several new models. Market analysts had expected the Paris-based company to net profit of 416.7 million euros based on sales of 28.3 billion. For the whole year management expects operating profit of 1.5 billion. Data of the Association of European Automobile Manufacturers show that in the first half of the year the market share of PSA Peugeot Citroen in Europe increased by 0.8 percentage points to 13.7 per cent. CEO of PSA Peugeot Citroen hopes Philip Vary by market penetration in developing countries to reduce dependence on sales in Europe, which are nearly two-thirds of all revenues of the company.
He predicts that by 2015 half of sales will have on markets outside Europe.
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