PSA Peugeot-Citroen posted a profit of 477 million euros (640 million dollars) in the first half of the year, the French carmaker reported Wednesday, as cost-saving measures and new models started to pay off, according to dpa. That compared to a first-half loss of 538 million euros last year. The main automotive division made a profit of 7 million euros during the first six months of 2014. New chief executive Carlos Tavares earlier this year unveiled a four-year comeback strategy, which aims to boost profitability by producing fewer models and expanding sales in emerging markets. Under the plan, Peugeot and Citroen will cut the number of models they produce from 45 to 26 by 2020. "The commitment of all the partners at the group to the Back in the Race strategic plan allowed PSA Peugeot-Citroen to reap the first results of its turnaround," Tavares said in a statement.