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Peugeot Citroen reports return to profit in 2015

Xinhua, February 24, 2016 Adjust font size:

French automaker PSA Peugeot Citroen on Wednesday announced a return to profit in 2015 due to cost cutting and a recovery in demand, mainly in European markets.

PSA, France's largest automaker, posted a net profit of 1.2 billion euros (1.32 billion U.S. dollars) last year, erasing a 555 million loss reported a year earlier.

Its full-year revenue rose by 6 percent to 54.67 billion euros. Helped by cost-cutting initiatives and favorable operating environment, the group's recurring operating income more than tripled to 2.7 billion euros.

"I am delighted with this collective success. It puts our company back in the race and proves its potential. In an unsettled international environment, agility and operational excellence are key to success. We will be able to harness this strength when implementing our new plan for profitable growth," said Carlos Tavares, PSA chairman.

PSA said it would not pay a dividend for 2015 but that a dividend policy "in line with sector practices" would be proposed from the 2016 financial year.

For 2016, the French group expected the automotive market to grow by 2 percent in Europe and 5 percent in China while demand in Russia and Latin America would decline by 15 percent and 10 percent, respectively. Enditem