Peugeot SA said its 1987 profit surged...

Peugeot SA said its 1987 profit surged 87% to $1.20 billion (6.71 billion French francs). Revenue rose 12.6% to $20.90 billion (118.17 billion francs). Since former banker Jacques Calvet took over as chairman in 1984, he has turned France’s only private car maker around and brought it up to third position in Europe from a sluggish fifth in 1985. The company, which makes both Peugeot and Citroen cars, took 12% of the European market last year, behind Volkswagen AG of West Germany and Fiat Spa of Italy, moving ahead of Ford Motor Co. and state-owned Regie Nationale des Usines Renault of France. Calvet has said he aims to push this share up to 13% over the next year and that Peugeot will lead the European field by 1992.