February 26, 2020 / 6:43 AM / a month ago

Peugeot maker PSA's revenue, profits rise in 2019

PARIS, Feb 26 (Reuters) - Peugeot maker PSA Group posted a higher-than-expected rise in 2019 revenue on Wednesday, although the volumes of cars sold declined, with the French firm saying it anticipated sliding demand in Europe and Russia this year.

The auto group, which is working through a merger with Italy’s Fiat Chrysler, has relied on selling pricier models like SUVs to boost earnings at a time when revenues have faltered at many rivals.

PSA said group revenue came in at 74.7 billion euros ($81.2 billion), up 1% from a year earlier and slightly above the average of 74.2 billion euros seen in a Refinitiv poll of analysts. Operating margins reached a record 8.5%.

Net profit increased 13.2% to 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels.

$1 = 0.9201 euros Reporting by Gilles Guillaume and Sarah White; Editing by Tom Hogue

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