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Renault’s Profit Jumps 59%
Renault SA's group operating profit in 2013 rose to €1.24 billion from €782 billion for the previous year.
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Renault SA's group operating profit in 2013 rose to €1.24 billion from €782 billion for the previous year.
But group revenue advanced only 0.5% to €40.9 billion, and net income fell 66% to €695 million.
Unit sales in 2013 increased 3% to 2.63 million Dacia, Renault and Samsung brand vehicles. Operating profit for the company's automotive unit surged to €495 million from €34 million in 2012. The unit's cash position improved 15% to €1.8 billion.
CEO Carlos Ghosn now expects Renault to hike revenue nearly 25% to €50 billion in 2017, a year later than the previous target. He describes the new schedule as "ambitious but realistic."
Renault says Nissan Motor Co., in which it holds a 44% stake, contributed €1.5 billion last year. The company lost €34 million on its Russian carmaking venture with OAO AvtoVAZ.
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