PSA reports worst-ever loss
For 2009, the French carmaker reported a loss of €1.16 billion for 2009 compared to a profit of €363 million in 2008. Global sales were down 2.2% to 3.19 million units in a market that was down 3.1%, while revenues fell 10.9% to €48.42 billion.
However, Peugeot said that it achieved a positive recurring operating income of €137 million in the second half of 2009 after a loss in the first half. This was helped by scrappage schemes as well as a programme of new product launches.
Philippe Varin, CEO, said: 'Our financial results for 2009 show a much improved performance in the second half, but still reflect the severity of the crisis affecting the automotive industry.'
He added: 'In 2010, we expect the market conditions to be challenging, with a European market down 9%, but we will benefit from our Automotive Performance Plan to drive sales, reduce costs and improve capacity utilisation. We are sustaining the momentum of our new model launches, and we should continue to grow our market shares. On this basis, we are expecting the Group's recurring operating income to be positive in the first half of 2010.'
Within the Automotive division, a recurring operating loss of €1,257 million was recorded in 2009, compared with a loss of €225 million in 2008.For more of the latest industry news, click here.