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French PSA reports 3.2 pct rise in Q3 revenue

Xinhua, October 26, 2015 Adjust font size:

PSA Peugeot Citroen, the biggest automaker in France, posted a 3.2 percent increase in its third quarter revenue to 12.4 billion euros (13.67 billion U.S. dollars), the group said on Monday.

Inside the European bloc, the French largest car manufacturer witnessed its best performance over the period with sales up by 6.1 percent following "increased market demand and successful range of products," the company said in a financial data report.

However, in emerging markets, PSA figures were in red. Slowdown in China growth pulled down the total sales in Asia by 17 percent during the third quarter of 2015.

Demand in Latin American markets also lost ground with sales shrunk by 23 percent. However, "the group is pursuing measures to rightsize fixed costs in order to reach breakeven by 2017," according to the report.

For the whole year of 2015, PSA eyes an operating free cash flow of 2 billion euros over the period 2015-2017. It is also targeting an operating margin of 2 percent for the automotive division in 2018. (1 euro=1.10 U.S. dollars) Endit