PARIS, July 30 PSA Peugeot Citroen
narrowed its first-half net loss and posted the first positive
contribution from its core auto division in three years, as the
French carmaker's recovery plan began to show early results.
Paris-based Peugeot on Wednesday reiterated its recovery
goals for 2014 and beyond, after reducing the net loss to 114
million euros ($153 million) in January-June from 471 million a
Operating cash flow also surged to 1.667 billion euros
before restructuring, from 203 million a year earlier, as
Peugeot slashed vehicle inventories to free up working capital.
"Our recovery plan is already producing results on all
fronts," Chief Financial Officer Jean Baptiste de Chatillon told
reporters on a call, adding that pricing had also improved.
Despite currency headwinds, the core auto division returned
to a 7 million euro operating profit - its first postive result
since the first six months of 2011 - from a year-earlier loss of
538 million euros.
Revenue fell 0.4 percent to 27.616 billion euros in the
first half as emerging-market currencies continued their slide
against the euro.
(Reporting by Laurence Frost and Gilles Guillaume; editing by