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Peugeot Citroen returns to profit after long overhaul effort

24 February 2016, 19:40

Paris — PSA Peugeot Citroen says it returned to profit last year on the back of higher sales and the impact of a multi-year restructuring plan to cut costs and fatten margins.

France's largest car maker said Wednesday it made 899 million euros ($989 million) last year, compared with a 706 million-euro loss in 2014.

The maker of the popular Peugeot 208 hatchback says it revenue from its automotive division rose 4 percent to 37.5 billion euros last year, boosted by higher selling prices and strong growth in Europe.

PSA Peugeot Citroen sold 2.87 million cars and light trucks last year, 1.2 percent more than in 2014.

The once loss-making carmaker's turnaround began two years ago with a 3 billion euro lifeline backed by Chinese investors and the French state.

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- AP


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