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PSA/Peugeot-Citroen posted its biggest net loss in 20 years for 2009

Having posted biggest net loss in 20 years for 2009, PSA/Peugeot-Citroen SA declined to provide a 2010 forecast beyond mid-year. The group expects conditions to continue to be tough. More specifically, it predicts that the European market will drop 9% this year.

For the first half of 2010, the group believes that its efforts to drive sales, cut costs and improve capacity utilization as well as new model launches would lead to a positive recurring operating income.

In a news conference held recently, CEO Philippe Varin said that the group chose to limit its commitment to the first half because it believes that the first signs of economic recovery will be seen at the end of 2010.

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