PSA reported record net income of 3.2 billion euros (US$3.48 billion) compared with 2.83 billion euros a year earlier. The group’s adjusted operating income of 6.32 billion euros beat an average forecast of 6.14 billion euros of analysts surveyed by Bloomberg. Despite the drop, PSA’s profit margin widened to 8.5 percent amid chief executive officer Carlos Tavares’ relentless lowering of costs and focus on selling expensive models. Adjusted operating income last year rose a better-than-expected 11 percent to 6.32 billion euros. In the past, the margin has been boosted by excluding restructuring charges from operating profit, Bloomberg Intelligence analysts have said.

Source: Taipei Times February 26, 2020 15:56 UTC