French car maker PSA Group said first-half earnings rose 18 per cent, beating analyst expectations, as it returned the newly acquired Opel-Vauxhall business to profit.
Net income rose to €1.48 billion (Dh6.35bn) as revenues jumped 40 per cent to €38.6bn, the Peugeot maker.
"The turnaround of Opel-Vauxhall is now clearly underway," said chief financial officer Jean-Baptiste de Chatillon.
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The business acquired last year from General Motors posted a €502 million profit amounting to a 5 per cent profit margin, while the French group's existing automotive business lifted profitability to 8.5 per cent.
The group's overall recurring operating profit rose by almost half to €3.02bn.
The results beat analyst expectations of €2.33bn in operating profit and €1.36bn in net income on revenue of €38.49bn, based on the median estimates in an Inquiry Financial poll for Reuters.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
DRIVERS' CHAMPIONSHIP STANDINGS
1. Sebastian Vettel (Ferrari) 171 points
2. Lewis Hamilton (Mercedes-GP) 151
3. Valtteri Bottas (Mercedes-GP) 136
4. Daniel Ricciardo (Red Bull Racing) 107
5. Kimi Raikkonen (Ferrari) 83
6. Sergio Perez (Force India) 50
7. Max Verstappen (Red Bull Racing) 45
8. Esteban Ocon (Force India) 39
9. Carlos Sainz (Torro Rosso) 29
10. Felipe Massa (Williams) 22
First Person
Richard Flanagan
Chatto & Windus
