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Peugeot Citroen reports 5bn euro loss Peugeot Citroen reports 5bn euro loss
(35 minutes later)
French carmaker PSA Peugeot Citroen has reported a net loss of 5bn euros ($6.7bn; £4.3bn) for 2012. French carmaker PSA Peugeot Citroen has reported a net loss of 5bn euros ($6.7bn; £4.3bn) for 2012, compared with a 588m euro profit a year earlier.
The loss was mainly due to asset write-downs, but the company also blamed a collapse in sales in Europe.The loss was mainly due to asset write-downs, but the company also blamed a collapse in sales in Europe.
Last week the carmaker wrote down the value of its assets by 4.1bn euros, in what it described as an "accounting adjustment". The carmaker said the write-down on assets totalled 4.7bn euros.
In 2011, Peugeot made a 588m euro profit, but still embarked on a 1bn euro cost-cutting programme. Last year, Peugeot announced a programme to cut its costs by 1bn euros in response to falling sales, including the closure of one factory.
French unions have succeeded in stalling the closure plans in the French courts, but Peugeot said it had succeeded in cutting 1.2bn euros over the past 12 months despite that.
"The results of the cost reduction and asset disposal plans have exceeded our targets," said chief executive Philippe Varin, claiming that, "the foundations for our rebound have been laid".
Group revenues were down 5.2% on 2011, at 58.4bn euros.
Like other manufacturers, Peugeot's sales have been hit by the continuing economic problems in the eurozone. European car sales fell by 8.2% last year compared with 2011.