(RTTNews) – French car manufacturer Peugeot S.A. or PSA Group (PEUGF. PK) announced on Tuesday that its net profit for the first half is 595 million euros, up from 1.830 million a year ago.
The company said it continued to succeed in the first part of the year, despite the Covid-19 pandemic.
Operating profit fell to 482 million euros from 2.49 million euros last year. The Group’s adjusted operating source of revenue fell 84.5% compared to 517 million euros last year. The adjusted operating source of automotive revenue drops by 72.5% to 731 million euros.
The Group’s adjusted operating margin is 2.1%, 6.6 per cent less than last year.
Looking ahead, PSA Group said it still expects a tight operating margin of more than 4.5% on average for the 2019-2021 era.
By 2020, the company anticipates a significant decline in the automotive market in the regions where it operates. The company expects the car market to decline by 25% in Europe, 30% in Russia and Latin America and 10% in China.
Carlos Tavares, chairman of the Board of Directors of the PSA Group, said: “We are determined to achieve a wrought uptick at this time of year, while the latter is the pinnacle of Stellantis’ birth before the end of the first quarter. 2021.”