Source Pravda.Ru

Peugeot Reports Its First-Half Net Loss

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.

Comments
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
MP suggests replacing Lenin's mummy with rubber figure
Moving inexorably towards war
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Brexit: The UK's misunderstanding of Democracy
The Amazon and the New Conquistadores
The Amazon and the New Conquistadores
Russians lose faith in their future, get ready for worse
Without INF Treaty, USA can destroy Russian nuclear weapons easily
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Without INF Treaty, USA can destroy Russian nuclear weapons easily
USA plays to pretend a mighty dragon that can no longer breathe fire
USA plays to pretend a mighty dragon that can no longer breathe fire
Putin sees no drama if Russia misses Davos forum
Macron challenges Trump. French independence and croissants at stake
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Moving inexorably towards war