PSA/Peugeot-Citroen posted a 27.5 percent rise in first-quarter revenues

Article by Christian Andrei, on August 26, 2010

On Wednesday, PSA/Peugeot-Citroen posted a 27.5% rise in first-quarter revenues. Sales were recorded at over 14 billion euros ($18.84 billion), exceeding expectations.

Signs of an upturn were also seen in the European light vehicle market. As a result, the outlook was raised for first-half recurrent operating profit to "significant" from "positive."

In a statement, CEO Philippe Varin said that he is "very confident" about its sales and marketing momentum.

He said that "the deployment of the performance plan will enable the group to limit the impact of a business environment that risks being difficult in Europe in the second half."

For 2010, PSA expects the automotive markets to drop by about 9% but its market share is seen to continue to rise as new models such as the Citroen DS3 and Peugeot RCZ arrive.

PSA has plans to skip a dividend for 2009 when it posted its biggest net loss in 20 years. Carmakers anticipate that there would be a fall-out in the second half of 2010 as government scrapping incentive schemes that had boosted sales in major markets start to diminish. For the first quarter, car sales in Europe rose by 9.2%.

Topics: psa, peugeot, citroen

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