PSA Peugeot Citroen, Europe’s second-largest carmaker, reported a first-half loss and surprised investors by saying it generated cash after slashing production and reducing inventory amid the global auto slump.
The net loss was 962 million euros ($1.36 billion), or 4.24 euros a share, compared with a 733 million-euro profit, or 3.21 euros, a year earlier, Paris-based Peugeot said today in a statement. Free cash flow reached 467 million euros as Peugeot drew down unsold vehicle stocks by 31 percent , Bloomberg reports.
However, Peugeot's first-half operating loss of €1.33 billion, compared to a profit of €1.03 billion in the first half of 2008, was above the consensus forecast of a €839.5 million loss.
Revenue fell by 22% to €23.50 billion, reflecting the 20% drop in sales of the company's vehicles.
Like other volume car makers, Peugeot-Citroen has been squeezed by the plunge in global automobile sales due to recession, as well as an unprecedented rapid shift in customer preference to smaller, less polluting cars , Wall Street Journal reports.
Meanwhile, Varin said the company will start selling electric vehicles in the last quarter of 2010 and will bring out a full plug-in diesel hybrid vehicle in 2012 emitting less than 50 grams of carbon dioxide per kilometer , Wall Street Journal reports.
The co-author of this disaster is the Dutch government, which did not find either strength or desire to save the lives of its citizens who were flying on that plane. The Dutch authorities did not demand Ukraine to comply with international aviation regulations
On the second day of the St. Petersburg International Economic Forum, a plenary meeting was held, in which Russian President Vladimir Putin, French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe, Chinese Vice President Wang Qishan and IMF head Christine Lagarde took part