Peugeot Citroen reports €819mln loss in first half-year

PanARMENIAN.Net - Carmaker PSA Peugeot Citroen says it lost €819 million ($990 million) in the first half of the year, underscoring the difficulties the company faces amid a looming battle with the French government over its restructuring plan, the Associated Press reported.

The maker of two-thirds of France's cars is in a tailspin amid a deepening recession in many of its most important markets in southern Europe. In response, the company announced earlier this month that it would close a major factory and cut 8,000 jobs.

But President Francois Hollande's administration has said the plan is unacceptable and that it will force it to save some of those jobs.

Peugeot said Wednesday, July 25, that revenue for January to June was €29.6 billion, down 5.1 percent since last year. Still, that was higher than many analysts expected.