Renault 2008 net profit falls 78 percent
France's Renault SA says it posted a net loss in the second half of 2008 as the financial and economic crisis hit car sales.
By Agencies |
PARIS: France's Renault SA says it posted a net loss in the second half of 2008 as the financial and economic crisis hit car sales.
But in contrast to its cross-town rival PSA Peugeot Citroen, the company made a net profit over the full year. France's second-largest car maker on Thursday reported a loss of euro982 million in the second half compared with a profit of euro1.42 billion a year earlier.
Over the year, net profit fell 78 percent to euro599 mn ($775 mn) from euro2.73 bn in 2007. Full-year revenue was down 7 percent at euro37.79 bn after a 28.7 percent drop in the fourth quarter.
Peugeot-Citroen on Wednesday reported a full year net loss of euro343 mn and said it expects to make another loss this year.
But in contrast to its cross-town rival PSA Peugeot Citroen, the company made a net profit over the full year. France's second-largest car maker on Thursday reported a loss of euro982 million in the second half compared with a profit of euro1.42 billion a year earlier.
Over the year, net profit fell 78 percent to euro599 mn ($775 mn) from euro2.73 bn in 2007. Full-year revenue was down 7 percent at euro37.79 bn after a 28.7 percent drop in the fourth quarter.
Peugeot-Citroen on Wednesday reported a full year net loss of euro343 mn and said it expects to make another loss this year.
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