France's Renault reports higher earnings on strong European market

French carmaker Renault reported a sharp rise in earnings Friday on the back of a strong European market and the success of new models.

Net earnings were 2.8 billion euros (3.16 billion dollars) in 2015, a significant hike compared to 1.9 billion euros in 2014. Revenues for the group grew to 45.3 billion euros in 2015, compared to 41.1 the previous year.

Chief executive Carlos Ghosn welcomed the results, and said that the group was ahead of schedule. In 2015 the group reached a 5.1-per-cent operating margin, surpassing the 5-per-cent goal set for 2017.

"The 2015 results mark decisive progress toward achieving the objectives of our plan," Ghosn said in a statement.

The French carmaker reported the gains despite having to write off 620 million euros in losses on shares in Russian carmaker AvtoVAZ, due to operating losses and a depreciation in asset value.

Last update: Fri, 12/02/2016 - 12:18

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