PSA Peugeot Citroen has posted a 2014 net loss of EUR555m (US$632m), a four-fold improvement on the previous year’s negative figure of EUR2.23bn.

The manufacturer recorded EUR53.6bn in revenue, with recurring operating income of EUR905m, up EUR1.3bn from a loss of EUR364m in 2013.

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PSA’s automotive division ended the year with recurring operating income of EUR63m, up EUR1.1bn from a loss of EUR1.04bn in 2013.

Net export volume was 310,000 vehicles, up 5.3% compared to last year, a performance the company maintains makes PSA France’s third leading exporter.

“The PSA Back in the Race plan is important for the company, its employees and its shareholders, but it’s also important for France because PSA is a major player in the economy,” said PSA chairman, Carlos Tavares.

“This is why we’re dedicated to boosting the competitiveness of our plants in France, every single day.”

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