Renault Reports Net Losses Of 141 Million Euros In 2019

Renault reports net losses of 141 million euros in 2019

French carmaker Renault went into the red last year, the first time in a decade, with net losses of 141 million euros ($152 million) due to lower sales and a falling contribution from its Japanese partner Nissan

Paris, (UrduPoint / Pakistan Point News - 14th Feb, 2020 ) :French carmaker Renault went into the red last year, the first time in a decade, with net losses of 141 million Euros ($152 million) due to lower sales and a falling contribution from its Japanese partner Nissan.

Renault said its outlook for 2020 was bleak with a fresh fall in operational profitability, a statement said Friday.

Last year saw group operating margin drop from 6.3 percent to 4.8 percent, though Renault stated that it "achieved its targets, revised in October," despite "a troubled context."The auto giant in 2019 marked its first full year without former emblematic CEO Carlos Ghosn, arrested in Japan in November 2018 over allegations of financial misconduct, including under reporting salary and misuse of company assets at Renault partner Nissan.

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