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FRANCE
Renault’s good 1st half effort wiped out by steep Iran sanction damage
Dacia bargain brand props up vulnerable Renault parent
Published: Thu, 01 Aug 2013 19:58:00 GMT
 

Carlos Ghosn Geneva pointing 2013
Renault CEO Carlos Ghosn at the Geneva Motor Show 2013

Better than generally expected damage containment in Europe’s long lingering car sales drought, plus a much improved €766m cash contribution from its Nissan partner clearly failed to offset Renault’s excruciating pains from the Iran sanctions, which played their part in transforming an outwardly rosy looking €583m first-half operating profit into a contrasting €249m pre-tax (EBIT) loss. Part of the same tale, first half net profits took a headlong 87% plunge to €97m from €774m a year earlier

Renault, on first sight, ended this year’s first half in considerably better shape than earlier feared. 

Its group revenue eased back only marginally to €20.44bn from €20.6bn a year ago, and to the surprise of a great many industry watchers, its group operating profits for the period edged up 14.8 per cent to €583m from a restated €508m during the same period last year. 

But the less good news was that below the line, thanks to the deeply damaging one off factor, Renault still ended this year’s first half in the red.
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