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PSA Peugeot-Citroen back in the race

PSA Peugeot-Citroen back in the race
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A weaker euro helped car maker PSA Peugeot-Citroen English – post positive first-half net income for the first time in four years.

The company reigned in spending and sold more vehicles at higher prices in Europe and Asia.

Net income came in at 571 million euros for January to June, compared with a 114 million euro loss a year earlier.

In a conference call to reporters the company’s chief financial officer said they had reached their goals faster than expected. But he also said that the company had benefitted from some favourable conditions and that it faced some headwinds over the next six months.

CEO Carlos Tavares’ recovery plan for the company has been dubbed “Back in the Race”.

It has included freezing workers’ pay, restructuring South American and Russian operations and expanding outside Europe.