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Article: Peugeot Citroen H1 reports ??962 million loss
- Article from:
- AP Online
- Article date:
- July 29, 2009
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PSA Peugeot Citroen said Wednesday that it made a ??962 million ($1.37 billion) net loss in the first half as the global economic crisis continued to ravage car sales.
The loss compares to a ??733 million profit a year earlier.
France's largest auto maker said incentives for scrapping old cars for new, less-polluting models in some European countries gave a needed boost to lagging car sales and led to increased production in May and June.
The company repeated a June 23 warning that it expects to record a recurring operating loss this year of between ??1 billion and ??2 billion.
It expects the European automotive market will decline by around 12 percent this year, with a 7 percent drop in the ...