In what it described as "a less buoyant economic environment", Renault reported operating margin of 3.2% of revenues, or €588 million, for first-half 2003 compared with 4.8% and €912 million in first-half 2002 and 3.3% in second-half 2002. The result on a par with second-half 2002, the company said, "demonstrates Renault's ability to withstand weaker economic conditions". Net income grew by over 30% to €1,177 million, compared with €894 million in first-half 2002, largely driven by a sharp rise in Nissan's earnings.