PARIS, July 31 Struggling French carmaker PSA
Peugeot Citroen raised its closely watched cash goal
for 2013 as it posted first-half losses contained by
Excluding restructuring costs, Peugeot aims to reduce last
year's 3 billion euros ($4 billion) in negative cash flow "at
least by half" in 2013, Chief Financial Officer Jean-Baptiste de
Chatillon said as he presented first-half results on Wednesday.
The company's restructuring progress is "going more quickly
than expected", Chatillon told reporters on a conference call,
though he added: "We've still got a lot of work to do."
Peugeot, which had previously targeted 1.5 billion euros in
full-year cash burn, recorded positive cash flow of 203 million
euros in January-June as it cut capital expenditure by 764
The operating loss widened to 65 million euros from 51
million euros before one-off gains and charges on a 3.8 percent
revenue decline to 27.71 billion euros, the company said.
Peugeot also cut its net loss by almost half to 426 million
euros from 818 million euros a year earlier.