Peugeot Citroen reports five-fold profits leap on cost cuts
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French auto group PSA Peugeot Citroen reported on Wednesday a near five-fold profits leap on cost-cutting and strong sales.
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Shares in PSA Peugeot Citroen has slumped by 6.12 percent in early trading after the group reported a profits fall in the first half and cut its forecast margin in the second half.
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Saab Automobile AB expects to be profitable this year after cutting its loss to $5.9 million in 2003, its top executive says.
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Japanese car giant Toyota reports a 7.5% rise in quarterly profits due to rising demand in places like China.
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Corus, Britain&#39;s biggest steelmaker, yesterday reported its first profits since the merger of British Steel and Dutch rival Hoogovens five years ago.
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Telecom equipment maker Ciena of Linthicum, Md., yesterday reported its first profit in five years, a rebound for a company stung by a dismal industry downturn earlier in the decade.
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Carmakers were in focus as European equity markets put in a steady performance on Friday, with Peugeot up on solid first half sales and Fiat benefitting from an upgrade.
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French oil group Total has reported a 5.0-percent rise in adjusted net profit on the back of high oil prices last year to 12.585 billion euros (15.8 billion dollars), a record for any French company.
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French carmaker PSA Peugeot-Citroen is cutting 10,000 jobs, or 7 percent of its European work force, and is imposing a hiring freeze as it tries to cut costs amid a sales slump in Europe.
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DaimlerChrysler AG, the world&#39;s fifth- biggest carmaker, reported a third-quarter profit as earnings growth at the Chrysler division offset a decline at the Mercedes Car Group and a year-earlier write-off wasn&#39;t repeated.
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French stablemates Peugeot and Citroen dealt rallying a double blow on Thursday with the shock announcement that they were pulling out of the world championship at the end of 2005.
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Europe's leading carmakers are facing a profit margin squeeze in the coming year as soaring raw materials costs look set to outstrip any price rises the companies can force through in what remains a consumer-led market, analysts said.
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Automaker Volkswagen AG said Friday that its third-quarter profit soared higher on improved sales in Asia, Europe and South America, along with lower costs for building cars.
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Carrefour, the world&#39;s No. 2 food retailer said Wednesday that its profit increased 5.3 per cent in the first half of the year, as robust international operations and lower finance costs helped
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Resona Holdings Inc., Japan&#39;s fifth- largest bank by assets, said it turned to a first-half profit after it cut costs and increased fee income, accelerating its recovery from a $19 billion government bailout last year.
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The oil field services company said its emphasis on Middle Eastern markets contributed to a nearly 5 percent jump in fourth-quarter profit.
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The European oil giant reported a 1.5 percent increase in profit thanks to proceeds from its sale of its last British refinery and a pipeline in the United States.