Renault drives out of last year's slump

GMT 09:05 2014 Tuesday ,29 July

Arab Today, arab today Renault drives out of last year's slump

The Renault booth is pictured at the Geneva Motor Show
Paris - AFP

French car giant Renault on Tuesday reported first-half net profits nearly 20 times better than during the slump of last year as European sales offset weaker growth in emerging markets.
Renault reported net profits of 749 million euros ($1 billion) in the first six months of the year, compared to a meagre 39 million euros it achieved in the first half of 2013 when its figures were hit by the ending of its business in Iran.
Chief Executive Carlos Ghosn said in a statement that his group's profits and registrations had improved in the first half "thanks to the success of ... recently launched models."
"These results are in line with the full-year target," added Ghosn.
Renault sold 1.36 million new cars in the six months to June, a gain of 4.7 percent compared to the outcome in same period last month.
the first half of the year, the strong performance of the group in Europe, driven by the success of new models ... enabled the group to offset the sharp slowdown in its main emerging markets," Renault said.
Despite this, turnover was actually down 3.0 percent, at 19.8 billion euros -- a decline the company blamed on "adverse" currency market moves.

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