just-auto.com

FRANCE: Renault turns around in 2010

By just-auto.com editorial team | 10 February 2011

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.

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.