Daily Management Review

PSA Group reaches record profitability


In the first half of the year, the French automobile concern PSA Group (Peugeot, Citroen, DS, Opel and Vauxhall brands) reported an increase in total operating profit by 10.6% to € 3.34 billion, and operating profit of the automotive division by 12.6 %, to € 2.7 billion. Due to this, the company's profitability grew to a record level of 8.7%.

“Our results confirm sustainability of our performance, despite the weakness of global markets,” said Philippe de Rovira, CFO of PSA Group, in connection with this. “These negative factors are more than offset by our efficiency and cost-cutting efforts.”

PSA Group's revenues declined in six months by 0.7% to € 38.3 billion. Net profit attributable to shareholders grew by 24% to € 1.8 billion. The concern managed to achieve record-breaking profitability despite a decline in global sales cars, of which PSA Group warned in mid-July. In the first six months of 2019, the concern sold 12.8% fewer cars than during the same period a year earlier due to the collapse in sales in the Chinese market and the withdrawal of PSA Group from the Iranian market.

source: bloomberg.com

Science & Technology

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

World Politics

World & Politics

French tour operators will stop sending tourists to China until February 21

US Will Not Give Visas To Pregnant Women To Prevent Organized 'Birth Tourism'

Heads of the European Council and European Commission sign Brexit agreement

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange