Renault's profits drop from €746m to €39m

PARIS, FRANCE: Renault reported a fall in profits last Friday (26 July) resulting from charges related to halting its activities in Iran and for restructuring in France.
Renault's profits drop from €746m to €39mThe 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


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