PSA Peugeot Citroen shifts back into profitability

9th February 2011, Comments 0 comments

French automaker PSA Peugeot Citroen said on Wednesday that it had earned 1.13 million euros ($1.54 billion) in net profit last year following two years of losses.

"We are pleased to announce a substantial recovery in profitability in 2010 for all our businesses," Chairman of the Managing Board Philippe Varin said in a statement.

Revenues grew by 15.8 percent to 56.06 billion euros, driven by the success of new models which took sales to a record 3.6 million vehicles, France's largest carmaker said.

© 2011 AFP

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