PARIS: French auto giant PSA, which produces the Citroen and Peugeot brands, said it had boosted its profit outlook after a “historic year” in 2018.
The company’s net profit rose 47 per cent to a record $3.21 billion in 2018, while recurring operating income soared 43 per cent to 5.69 billion euros, also a new high.
Ranked the second largest carmaker in Europe after Germany’s Volkswagen, Paris-based Groupe PSA said in a statement that its “historic year” also saw new records for revenue, which was up 18.9 per cent to 74 billion euros, as well as volume of sales.
PSA sold 3.88 million vehicles last year, up 6.8 per cent from 2017 when it acquired GM’s Opel business.
PSA chairman Carlos Tavares (pictured) hailed the “outstanding results”. “This demonstrates the ability of our Group to deliver a profitable and recurring growth,” he said in a statement. — AFP
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