PARIS, July 26 French carmaker Renault
said on Friday it had increased first-half profitability at its
core manufacturing division despite falling sales, riding out
Europe's sustained market slump with new models and a firm hand
While the bottom line was weakened by lost business in
sanctions-hit Iran, incurring a 512 million euro ($678 million)
charge, operating profit before one-off expenses rose 15 percent
to 583 million. Revenue fell 0.9 percent to 20.44 billion.
Renault Chief Executive Carlos Ghosn reiterated the
company's full-year goals including a positive auto division
operating margin and cash flow.
"We're on track to achieve the objectives we announced for
2013," Ghosn said in a statement.
Net income dropped to 39 million euros from 734 million
euros, weighed down by a total of 832 million in one-time
charges, while the auto division's underlying operating margin
rose to 2.9 percent from 2.5 percent.
($1 = 0.7555 euros)
(Reporting by Laurence Frost; Editing by James Regan)