Groupe PSA brands make records profits following Opel-Vauxhall success
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.
“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).