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Peugeot Citroen slumps to first half loss of 962 million euros

Text by NEWS WIRES

Latest update : 2009-07-29

French auto giant PSA Peugeot Citroen has slumped to a first half loss of 962 million euros, the company announced on Wednesday. PSA forecast losses for 2009 as a whole but anticipates a recovery towards the end of 2010.

AFP - French auto giant PSA Peugeot Citroen said Wednesday it slumped to a first half loss of 962 million euros (1.37 billion dollars) as the global economic crisis hit the auto industry.

In its 2008 first half, the company reported a net profit of 733 million euros but finished the year with a net loss of 343 million euros as the economic crisis decimated auto sales.

PSA said it was maintaining its forecast for a 12 percent fall in the European vehicle market this year, with "the beginning of a recovery seen towards the end of 2010."

It reaffirmed its forecast for a 2009 operating loss of between one and two billion euros after a first half loss of 826 million euros.

First half sales were down 21.8 percent at 23.5 billion euros.
 

Date created : 2009-07-29