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Business

PSA full-year bottom-line profit soaring

French carmaker PSA has posted a surge in net earnings for 2016 on a considerable rise of revenues throughout last year. The results came as the French were finalizing talks on taking over GM's European division.

French carmaker PSA, the owner of the Peugeot, Citroen and DS brands, reported Thursday it logged a 79-percent increase in bottom-line profit for 2016 to 2.15 billion euros ($2.27 billion).

Group revenues came in at 54 million euros, while automotive revenues alone totaling 37 million euros last year.

"These results demonstrate our ability to consistently deliver an excellent performance in an adverse environment," PSA Chairman Carlos Tavares said in a statement.

For the first time since 2011, a dividend per share of 0.48 euros would be submitted for approval at the next shareholders' meeting.

Takeover impact

PSA's full-year results were released as the French intensified talks on a planned takeover of General Motor's European brands Opel and Vauxhall.

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Takeover bid: What now for Opel?

PSA had said it expected the planned acquisition to lead to combined sales of 5 million vehicles by 2022, adding that as much as 2 billion euros could be saved annually through synergy effects.

The French automaker signaled it would work toward swift progress on technical convergence with GM's European arm, bringing new Opel models such as the popular Corsa mini onto the Paris-based manufacturer's own vehicle architectures to slash duplication.

hg/jd (AFP, dpa)

 

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