Renault Profits Helped by Latin America, Russia
Earnings in the first quarter were 23 percent down to €482 million before taxes, from 630 million last year.
As a result of better than expected figures, Renault stock rose 5 percent in Paris trading. The stock has been rising this year, 32 percent since January, thus raising the market value of the company to over €10 billion. It’s not surprising considering PSA Peugeot Citroen posted huge losses.
“In a difficult and uncertain environment, Renault remains on track to meet its 2012 objective of positive Automotive operational free cash flow,” commented on the results Carlos Ghosn, Chairman and CEO of Renault.