Renault's profits drop from €746m to €39m
The group reported a net profit for the first six months of the year of €39m compared with €746m for the same period last year.
The exceptional charges helped to push the operating result to a loss of €249m from a profit of €519m last year.
But sales rose by 2.4% to €20.4bn the group said in a statement. It stood by its forecast for the full year despite what it termed a "tougher environment than expected."
The company took a charge this year of €512m for its activities in Iran which have been hit by a hardening of international sanctions from 1 July. Sanctions now include the automotive sector.
Finance director Dominique Thormann told a press conference that "there is an effective halt to activity" in this country.
Renault is the second-biggest French car company after struggling PSA Peugeot Citroen, which early last year interrupted its activities in Iran.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
