BOULOGNE-BILLANCOURT (dpa-AFX) - Renault Group (RNSDY.PK, RNSDF.PK, RNT.L), a French auto major, on Thursday reported a turnaround to profit for the first-half of 2023, amidst a rise in revenue, supported by increased vehicle sales.
Renault brand worldwide sales climbed about 12 percent to 772,000 units. In Europe alone the brand increased its sales by 21%.
For the six-month period, the company recorded a net income, Group share of 2.093 billion euros, compared with a restated loss of 1.367 billion euros. Net income stood at 2.124 billion euros as against a rested loss of 1.676 billion euros.
For the first-half of 2022, net loss from discontinued operations amounted to 2.323 billion euros due to the non-cash adjustment related to the sale of the Russian business.
Operating income surged to 2.096 billion euros from restated 923 million euros.
For the first-half, worldwide Group sales reached 1,134,000 vehicles, up 13 percent from the same period of 2022.
Group revenue stood at 26.849 billion euros, compared with last year's restated 21.089 billion euros.
Looking ahead, for full year 2023, the Group still expects operating margin to be in the range of 7 percent - 8 percent.
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