Renault, like French rival PSA Peugeot Citroen, has booked a dramatic turnaround in group operating profit for full year 2010.

Operating income was EUR635m, compared to -EUR995m in 2009, on sales up 15.6% to EUR38.97bn.

A capital gain of EUR2bn was made on the sale of the B shares in truck maker Volvo AB.

Associated companies – Nissan Motor and Volvo Trucks – contributed EUR1,289m.

Net income was EUR3.49bn compared with a loss of EUR3.07bn in 2009.

Carlos Ghosn, chairman and CEO, said: “The publication of the final financial results confirms that Renault’s performance was higher than expected.

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As with other automakers, Renault said growing sales in developing markets helped automotive division sales rise 16.3% to EUR37.17bn.

Renault expects the global automotive market for passenger cars and light commercials to grow by 6% compared to 2010.

“Markets  outside Europe will remain dynamic while the European market should pursue consolidation (0% to -2%), notably with a decline in the French market of around -8%,” it said.