Peugeot reports sales fall, holds targets, shares rise
The price of shares in the group, the biggest French car manufacturer and the second-biggest in Europe after the VW group, rose by 4.71% to 10.89 euros in initial trading.
Global Equities' broker Xavier de Villepion said: "The market is thinking mainly in terms of next year and hopes to see an improvement in the performance and financial structure of the group."
Peugeot said that sales in the quarter fell by 3.7% on a 12-month comparison to €12.1bn.
This reflected a fall of sales, notably in Europe, Russia and Brazil along with strong competition from other manufacturers. Peugeot said it was facing very strong pressure from exchange-rate factors which had undermined earnings in rubles, the real, and in sterling.
Sales by the car division fell by 5.8% and in the banking subsidiary by 5.1%. Sales from its parts subsidiary Faurecia were little changed, firming by 0.8%.
In the first nine months of the year, sales fell by 3.8% to €39.8bn. Peugeot is in the throes of a radical restructuring involving job cuts and the closure of a factory. It was rescued last year by large state guarantees for its financing and credit arm.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.zaRelated
Brazil bans social network X after Elon Musk refuses court orders 2 Sep 2024 Historic: Global effort to tax super-rich intensifies 30 Jul 2024 Ladina Heimgartner elected president at World News Media Congress in Copenhagen 28 May 2024 #BRICS2023: Brazil's Lula in favour of Argentina joining Brics bloc 24 Aug 2023 Brics nations to meet in South Africa seeking to blunt Western dominance 17 Aug 2023 Brics' New Development Bank committed to boosting local currency usage 10 Jul 2023
