The first Peugeot profit in three years

PSA Peugeot Citroen, the second largest carmaker in Europe, for the first time in three years received profit for the last six months due to the reduction of costs and start of selling new models. 

According to a press release of the company, its adjusted operating profit in January-June amounted to 477 million euros against a loss of 100 million euros in the same period last year. Analysts polled by Bloomberg, on average, had forecast earnings of 358 million euros. Net loss decreased from 471 million euros to 114 million euros. 

The company expects to increase its sales in Europe by 3% in 2014. It is estimated that sales of cars in Russia in 2014 could fall by 10% in Latin America - by 7%.