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Renault net income slumps to €970 m in first half

Reuters Paris | Updated on July 26, 2019 Published on July 26, 2019

Renault warned that revenues may decline this year, scrapping a previous goal, after first-half profit was hit by weakening car demand and an earnings collapse at alliance partner Nissan in the wake of the Carlos Ghosn scandal.

Net income slumped by more than half to €970 million ($1.08 billion) in January-June as revenue fell 6.4 per cent to €28.05 billion, it said. Operating profit also dropped 13.6 per cent to €1.654 billion. Renault’s bottomline was hit by an €826-million drop in earnings from its 43.4 per cent-owned alliance partner. Nissan is cutting 12,500 jobs globally after an earnings collapse that it is keen to blame on Ghosn’s leadership.

Published on July 26, 2019
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