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Abu Dhabi, UAEMonday 20 August 2018

Peugeot maker PSA earnings surge as Opel-Vauxhall hits profit

The business acquired last year from General Motors posted a €502 million profit

Vauxhall cars at a show room near Vauxhall's plant in Luton, Britain. The marque is back in the black. Reuters
Vauxhall cars at a show room near Vauxhall's plant in Luton, Britain. The marque is back in the black. Reuters

French car maker PSA Group said first-half earnings rose 18 per cent, beating analyst expectations, as it returned the newly acquired Opel-Vauxhall business to profit.

Net income rose to €1.48 billion (Dh6.35bn) as revenues jumped 40 per cent to €38.6bn, the Peugeot maker.

"The turnaround of Opel-Vauxhall is now clearly underway," said chief financial officer Jean-Baptiste de Chatillon.

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The business acquired last year from General Motors posted a €502 million profit amounting to a 5 per cent profit margin, while the French group's existing automotive business lifted profitability to 8.5 per cent.

The group's overall recurring operating profit rose by almost half to €3.02bn.

The results beat analyst expectations of €2.33bn in operating profit and €1.36bn in net income on revenue of €38.49bn, based on the median estimates in an Inquiry Financial poll for Reuters.

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