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Renault Revenue, Earnings Rise
Renault Group increased revenue 12% to €22.2 billion and hiked its operating profit 47% to nearly €1.1 billion in the first half of 2015.
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Renault Group increased revenue 12% to €22.2 billion and hiked its operating profit 47% to nearly €1.1 billion in the first half of 2015. Net income for the period jumped 83% to €1.5 billion.
But results trailed those of rival PSA Peugeot Citroen, causing Renault's share price on Thursday to drop to its lowest level in almost four years.
Renault says its stake in Nissan Motor Co. contributed about €982 million, but its holding in Russia's OAO AvtoVAZ generated a €70 million loss in the first half.
Renault's automotive revenue grew 12% to €21.1 billion in January-June. The unit's operating profit soared 89% to €656 million in spite of a less favorable sales mix, thanks to higher volume and lower costs. The company reported earlier this month that its global sales in the first half advanced about 1% to 1.38 million units.
Revenue generated by Renault's financial operations grew 8% to €413 million in the first half.
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