PSA has unveiled first half group revenue of EUR27.7bn (EUR36.8bn), down EUR3.8bn, compared to the same period last year, while automotive division revenue also fell 7.5% to EUR18.7bn.
Group recurring operating loss was EUR65m, with a recurring operating loss of EUR510m for the automotive division,
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“In the first-half 2013, we see the first signs of the Group’s recovery,” said PSA chairman, Philippe Varin. “We undertook measures, sometimes difficult, aimed at restoring profitability: restructuring plan, cash management, commercial offensive.
“The models recently launched exceeded their initial targets of sales and will continue to outperform in the second half. Globalisation is underway, with an excellent performance especially in China.
“Lastly, our strategic alliance with General Motors is delivering its first results. We have to pursue our efforts to consolidate the industrial and commercial rebound of the Group.”
In the current environment, the Group expects automotive markets to decline by 5% in Europe in 2013, while PSA estimates China will grow by around 10% and by 2% in Latin America.
Russia is expected to decline by 5%.
