PSA Peugeot Citroen said at the company’s annual shareholders meeting that hitting its 2003 profit target would be difficult because of the continued decline in the European car market and the appreciation of the euro, according to Bloomberg News.
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PSA would not give any new profit target until July 24 when it releases first-half earnings CEO Jean-Martin Folz reportedly said.
“The economic decline and foreign exchange movement are a big challenge for us,” Folz told Bloomberg News. “Meeting our targets will be very difficult this year.”
