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Article: Peugeot Citroen reports ??962 million H1 loss
- Article from:
- AP Online
- Article date:
- July 29, 2009
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Automaker PSA Peugeot Citroen on Wednesday posted a ??962 million ($1.37 billion) net loss in the first half as the global economic crisis continued to ravage car sales and said it doesn't expect the European car market to recover before the end of next year.
The loss compares to a ??733 million profit a year earlier.
The maker of the Peugeot 207 and Citroen's C4 Picasso said it expects to remain loss-making this year, after already losing ??343 million in 2008. The company is shedding jobs and replaced its chief executive in March in a desperate bid to face off the wost crisis the car industry has faced in decades.
The "first half results reflect the impact of adverse conditions in the ...