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PSA Narrows Its Losses
PSA Peugeot Citroen says revenue last year from its automotive division fell 5% to €36.5 billion.
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PSA Peugeot Citroen says revenue last year from its automotive division fell 5% to €36.5 billion. Unit sales shrank 5%, and the division's debt doubled to €2.5 billion.
But the division's operating loss shrank to €1 billion from €1.5 billion in 2012. The group also slashed its cash burn to €426 million from €3 billion in 2012.
PSA's group revenue in 2013 declined 2% to €54.1 billion. The company's net loss of €2.3 billion last year compares with a loss of €5 billion in 2012. Operating losses narrowed to €1.3 billion from €4.7 billion.
The company reiterates that it expects to achieve positive cash flow no later than 2016.
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