PARIS, Feb 13 (Reuters) - French carmaker Renault pledged on Thursday to lift its operating margin to 5 percent in 2017, extending its turnaround plan by one year after missing a mid-term sales goal and taking heavy asset writedowns in 2013.
Renault said its margin improved to 3 percent last year from 1.9 percent in 2012. But net income fell two-thirds to 586 million euros ($796 million), hit by more than 500 million in writedowns and restructuring costs in the second half.
Unveiling the margin goal and a pledge to increase revenue by a quarter to 50 billion euros, Chief Executive Carlos Ghosn described the new 2017 targets as “ambitious yet realistic”. ($1 = 0.7359 euros) (Reporting by Laurence Frost; Editing by James Regan)