French automaker Peugeot Citroen (PSA) said Wednesday its attributable net return in the first half of 2000 rose by 39 percent to 755 million euros ($670 million), compared to 543 million euros for the same period 12 months earlier.
The group's operating margin increased by 36 percent to 1.164 billion euros, from 856 million euros, on consolidated sales of 22.490 billion euros, an increase of 18.2 percent over the first half of 1999.
The results reflected much stronger sales, and cost-cutting policies, PSA said in a statement.
For the entire year, the group expects to sell 2,700,000 vehicles, with a consolidated operating margin of 1.9 billion euros.
The second half will see increased European distribution of the Peugeot 607, the introduction of a convertible coupe version of the Peugeot 206, and a remodeled version of the Citroen Xsara, the group said.
On Saturday, Peugeot announced the recall of more than 40,000 of its 206 model because of an airbag problem.
The recall followed reports earlier in the week by the French daily Liberation that two thirds, or over 766,000 Peugeot 406 models had problems with the front right side suspension, which caused the car to drift to the right.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
