PARIS - PSA/Peugeot-Citroen Chairman Jean-Martin Folz announced a surprise 1997 loss of FF2.5 billion ($416 million).
PSA would have made a profit except for currency losses, restructuring expense, and the cost of withdrawing from India.
Sales rose 8 percent to FF186.8 billion ($31.1 billion). In 1996, PSA earned FF900 million on sales of FF173 billion.
'Folz wanted to clean up the accounts in order to be more transparent,' said a PSA spokesman. In September, PSA forecast a small profit.