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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process. Apple Inc. plans to start using American-made processors from the new advanced chip factory in Phoenix, Arizona operated by chip giant Taiwan Semiconductor Manufacturing Co., according to its Chief Executive Officer Tim Cook. At an event in the factory in Arizona, which was attended by U.S. President Joe Biden, it was also announced that TSMC will invest $40 billion in the new factory. Lidl US has recalled its 8.4 oz Favorina branded Advent Calendar, i.e., Premium Chocolate with a Creamy Filling, citing potential Salmonella contamination, the U.S. Food and Drug Administration said. The products were available for sale at Lidl stores between October 12, 2022 and December 5, 2022. They will have a BEST IF USED BY year of 2023, and barcode number of 4056489516965.
Follow RTT