Car company reports profit despite market

Wed, 10 Feb 2010



Car finance news indicates that some companies are weathering the economic situation. Car company PSA Peugeot Citroen has forecast an operating profit during the first half of 2010, despite losses of over a billion last year. The carmaker predicted that the European car market would shrink by 9 per cent this year. However, due to new models, the car manufacturer said that its own market share would increase.

The company reported a 7.2 per cent fall in vehicle sales due to the wider financial crisis. France provided over 3 billion euros of bail-out loans to the family-run car manufacturer.

Chief executive Phillipe Varin reportedly commented: "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. However, strict cash management and successful stock reduction enabled us to lower our debt substantially, reinforcing our sound financial position and giving us ample liquid resources."
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