Peugeot-Citroen first half net up 49 percent

Emma Vandore / Associated Press PARIS -- PSA Peugeot-Citroen on Wednesday reported a 49 percent increase in net profit in the first half after the French automaker's recovery plan delivered deeper cost cuts than analysts expected. Shares jumped over 9 percent after Peugeot-Citroen said net income in the six months until June rose to euro733 million (US$1.16 billion) from euro492 million (US$783.21 million) in the same period a year earlier. Revenue climbed 1.6 percent to euro31.3 billion (US$49.83 billion). The carmaker said the efficiency measures in its turnaround program launched last year, known as CAP 2010, more than offset an increase in energy and raw material costs. "The big thing is the cost reductions which were significantly higher than we expected," said Michael Tyndall, an analyst with Nomura International in... [read full story]