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Renault FY20 Loss Widens On Weak Sales; Shows Improvement In H2; Confirms FY23 View

French automaker Renault SA (RNSDY.PK,RNSDF.PK,RNT.L) reported Friday that its fiscal 2020 net loss Group share was 8.01 billion euros, compared to last year's loss of 141 million euros.

Loss per share was 29.51 euros, compared to 0.52 euro per share in 2019.

In the second half, the company recorded net loss of 660 million euros.

Operating loss was 2 billion euros, compared to last year's profit of 2.11 billion euros. Group operating margin was negative 0.8 percent, compared to positive 4.8 percent a year ago. The margin was positive 3.5 percent of revenues in the second half.

Group revenues fell 21.7 percent to 43.47 billion euros from last year's 55.54 billion euros. Revenues declined 18.2 percent at constant exchange rates.

Group revenues were down 8.9 percent in the second half.

Full-year vehicle sales were 2.95 million units, down 21.3 percent from last year. The second-half vehicle sales were down 6.8 percent.

The company said the strong improvement in operating profitability in the second half shows the first positive impacts of the actions taken in the context of a year heavily impacted by Covid-19.

Looking ahead, Renault confirmed its 2023 objectives as per "Renaulution" strategic plan, with Group operating margin above 3 percent.

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