Renault swings back to profit in Q2

PARIS: Renault SA says it returned to profit in the second quarter as higher car sales in all regions helped reverse massive losses a year earlier.

Europe's number three car maker reported net profit of euro823 million (US$1.1 billion) for the three months to June, compared to a loss of euro2.7 billion a year earlier and well above the euro435 million that analysts had expected.

The maker of the Megane, Logan and Clio models confirmed its outlook for increased market share this year despite a 7 to 9 percent forecast drop in its key European market.