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Business

French carmaker PSA returns to profitability

French auto maker PSA, which makes the Peugeot, Citroen and DS brands, has reported a decent full-year profit. The positive results were announced just two years after the company almost went bankrupt.

PSA said Wednesday it moved back into positive territory in 2015 with a net profit of 1.2 billion euros ($1.4 billion). Europe's second-largest carmaker also reported a 5.7-percent

surge in sales

ahead of revealing its "strategic sustainable growth plan" on April 5.

Analysts said the results were a genuine turnaround for the group, which posted a 555-million-euro loss in 2014.

In the wake of the global financial crisis, the No.1 French auto maker was forced to resort to a bailout from the state and China's Dongfeng Motor Corp which both took a 14-percent stake in 2014.

After a successful restructuring effort, PSA is now back in the black on producing 2.97 million units last year.

Watch video 01:00

Flashback: PSA outlines deal with Dongfeng and Paris (2014)

Bonus payout

The company had said it would return to Iran in a partnership deal with a local manufacturer worth 400 million euros. First units are to be produced from 2017.

The deal came about shortly after Iranian President Hassan Rouhani visited France. It makes PSA the first Western carmaker to announce a return to Iran since sanctions were lifted against the country after it signed an accord to limit its nuclear program.

Wednesday's earnings report saw the company's stock rise by over 4 percent in early trading on the Paris Stock Exchange. Management said it would be paying out an average 2,000-euro bonus to French-based workers as a reward for the strong results.

hg/bea (Reuters, AFP)

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