PARIS, Feb 18 (Reuters) – French manufacturing company Plastic Omnium, which makes many products used in cars, turned in a profit in the second half of 2020, as global auto demand rebounded.
The company reported a second half net profit of 152 million euros ($183 million), compared to a net loss of 404 million euros in the first half.
The company added it was hoping to cash in on growing demand for electric vehicles, and hoped to return by 2021 to the same levesl of profits and free cash flow that it had in 2019.
“Technological changes had already started to emerge, and their pace accelerated, particularly regarding the shift to electrified vehicles,” said Plastic Omnium CEO Laurent Favre.
“Today, we have the ability to innovate, a diversified customer portfolio and a solid financial position, enabling us to turn this disruption into growth,” added Favre.
$1 = 0.8303 euros Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta