Renault 1st Half Profit Halved, Hit by Lower Nissan Payout
July 26 2019 - 2:02AM
Dow Jones News
By Max Bernhard
Renault SA (RNO.FR) on Friday reported lower revenue and a
significant drop in profit for the first half, which it said was
"heavily penalized" by a decline in the payout from its alliance
partner Nissan Motor Co. (7201.TO).
Net profit fell to 970 million euros ($1.08 billion) in the six
months to the end of June from EUR1.95 billion the same period last
year, the French auto group said. Nissan's contribution swung to a
EUR21 million loss from a EUR805 million profit the same period a
year ago. Revenue fell 6.4% to EUR28.05 billion.
Renault cut its 2019 revenue outlook, now expecting revenue to
be close to last year, compared with a previous forecast for an
increase. The company backed its guidance for an operating margin
of about 6% and a positive operational free cash flow in its core
auto business.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
July 26, 2019 01:47 ET (05:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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