PARIS, Jan. 11 (UPI) -- PSA Peugeot Citroen SA, Europe's second-largest carmaker, Wednesday issued its third profit warning in as many months.
The French company said its 2005 operating margin would be around $2.35 billion or 3.4 percent of sales, MarketWatch reported. Peugeot issued similar warnings in December and October.
"What is a bit shocking is that you warn in October and you still can't get the figures right," said Philippe Houchois, an analyst with J.P. Morgan.
The company said its worldwide sales rose 0.4 percent during 2005, reaching 3.39 million units, but sales in its core European market actually dropped 2.1 percent to 2.36 million.
"The decline reflected the group's commitment to favoring margins over volumes in an aggressive marketplace," Peugeot said in a statement.
