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PSA Reports First Full-Year Operating Profit since 2011
PSA Peugeot Citroen posted an operating profit of €905 million last year, its first such profit in three years.
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PSA Peugeot Citroen posted an operating profit of €905 million last year, its first such profit in three years. The company lost €364 million in 2013.
Group revenue advanced 1% to €53.6 billion, driven by a 4% gain to €18.8 billion for its Faurecia components group. PSA's net loss for the year narrowed to €555 million from €2.2 billion in 2013.
Auto-related revenue last year slipped 1% to €36.1 billion because of unfavorable exchange rates. But operating income for that unit swung to a €63 million profit from a €1 billion loss in 2013. Deliveries grew 4% to 2.94 million cars and light trucks, driven by growth in China.
PSA says it has cut its production costs by €730 per vehicle, thus lowering its sales breakeven point (excluding results in China) to 2.1 million units from 2.6 million in 2013. The company targets a breakeven of 2 million units.
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