Groupe PSA brands make records profits following Opel-Vauxhall success

By Bruno Reis

Opel-Vauxhall has reported turning a profit in the first half of 2018, despite its recent history was lossmaking.

The company, which was acquired by the French automobile manufacturer, Groupe PSA, from General Motors, recorded a €502mn (US$587mn) profit in the review period.

In previous half, the last six months of 2017, the company made a loss of €179mn ($209mn), which contributed to its yearly loss of €257 ($300.5mn).

The first six months to June of this year mark the two brands’ first profit since 1999.

SEE ALSO:

“Opel-Vauxhall teams have started to deliver good results to build the New Opel Vauxhall and are eager to unleash further potential,” the Financial Times reported Carlos Travares, Chief Executive Officer of Groupe PSA.

“The turnaround of Opel-Vauxhall is now clearly under way,” Jean-Baptiste de Chatillon, Groupe PSA’s Chief Finacial Officer, informed Reuters.

During the review period, Groupe PSA’s operating profits rose by 41% in comparison with the same period of the previous year.

The first half saw the manufacturer’s operating profits reach €3bn (US$3.51bn), with revenues jumping by 40% to €38.6bn ($45.13bn).

The company’s older brands, such as Peugeot, Citroën, and DS, increased by 30% in the six months to €1.9bn ($2.22bn).

Share

Featured Articles

Age of the CISO – a new chapter for cyber security

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Exclusive: Making the UAE a global force in cybersecurity

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on plans to build the world’s most secure digital society for a safer society

UAE cyber leaders – back to basics to prepare for the future

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

Top 10: Procurement & Supply Chain LIVE speaker highlights

Leadership & Strategy

10 apps to improve wellbeing on World Mental Health Day

Leadership & Strategy

Meet the COO: Brook Sims of MAC Diversity Recruiters

Leadership & Strategy