Renault profits down 15%

on 14/02/2013 08:56:49

French car maker Renault saw its profits crumble last year despite a hefty one-off gain on the sale of its shares in Swedish truck maker AB Volvo.

Renault says its net profit slipped to €1.77bn in 2012, down 15% from a year earlier.

The 2012 earnings included a near billion-euro gain from the sale in December of its remaining stake in AB Volvo.

Renault's car making operations lost money last year as a steep drop in vehicle sales more than offset gains from cost reductions.

The group said its goals for this year are to return to profitability in its automotive division and lift vehicle sales, which plummeted nearly 20% last year to 551,334.