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rdf:type	schema:NewsArticle
schema:articleBody	French automaker PSA, which is in the process of merging with Fiat Chrysler, said Tuesday it had remained profitable during the first half of the year despite sales plunging due to coronavirus lockdowns. The firm -- whose brands include Peugeot, Citroen and Opel -- managed a net profit of 595 million euros ($698 million), a drop of two-thirds from the same period last year. PSA had earlier said that sales fell 34.5 percent to 25.1 billion euros during the period as stay at home orders by authorities kept clients out of car showrooms. The automaker's chief executive Carlos Tavares said in the earnings statement that the result "proves the group's resilience, as a reward of six consecutive years of intense work to increase our agility and lower our breakeven point." The company has been focused on boosting profit margins in recent years rather than chasing sales volumes, and it moved to quickly cut costs during the coronavirus crisis. Operating profits came in at 517 million euros, a drop of 84.5 percent, or 2.1 percent of sales. For strictly automotive sales, the profit margin was 3.7 percent. For the 2019-2021 period the carmaker intends to keep profitability above 4.5 percent on average thanks to a rebound in sales expected in the second half of this year. "We still consider this figure as the minimum, with a strong possibility of doing better given the results of the first half," financial director Philippe de Rovira said on a conference call with journalists. Tavares expressed confidence in completing the merger with Fiat Chrysler (FCA) and a rebound in the car market. "We are determined to achieve solid rebound in the second half of the year, while finalising the birth of Stellantis before the end of" the first quarter of 2021, he said in the earnings statement. Earlier this month the carmakers announced the new group formed by their mega-merger will be called Stellantis. The tie-up, which was announced at the end of October, will create the world's fourth-largest automaker in terms of volume, and number three in terms of sales. aro/rl/bp
schema:headline	French automaker PSA remains profitable despite virus
schema:mentions	Carlos Tavares Citroën Opel Chrysler Computer virus Groupe PSA John Tavares France Coronavirus Break-even Aro people Profit margin Fiat Chrysler Automobiles
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)

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