Latest update: 29/07/2009 

- auto industry - Economic crisis - France


Peugeot Citroen slumps to first half loss of 962 million euros
Peugeot Citroen slumps to first half loss of 962 million euros
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.
By News Wires (text)

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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.
 

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