Profit jumps at PSA ahead of Fiat merger programme – Gulf Today

Profit jumps at PSA ahead of Fiat merger programme – Gulf Today

PSA Group said profitability reached fresh highs in 2019, though the French firm underscored a gloomy outlook for car sales in markets like Europe this year as it pursues its merger with Fiat Chrysler.. PSA's group net profit increased 13.2% to a record 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels.. The two still face headwinds this year, including as the coronavirus outbreak in China paralyses production in the country and hits carmakers' supply chain, and with PSA forecasting a 3% contraction in Europe's car market this year.. PSA had already suffered a total 700 million euros in losses and writedowns in China in 2019, where its car sales have tumbled, and where it is exiting a joint venture with China's Chongqing Changan Automobile.. Fiat Chrysler has so far not interrupted production in Italy following a coronavirus outbreak in the country, and is about to restart operations at its Serbian plant, European chief Pietro Gorlier said on Tuesday..