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Renault's revenue, net profit down in 2018

2019-02-14 09:36

CHEATING ON EMISSIONS? French authorities are investigating automaker Renault for emissions controls practices and whether they "made merchandise dangerous for human health." Image: AP / Jacques Brinon

French carmaker Renault says its revenue is down 2.3% to €57.4-million last year.

Announcing its financial results in the wake of former chairman Carlos Ghosn's downfall, Renault said Thursday its net profit was down too, to €3.45-million, compared to €5.3-million the previous year.

Renault justified the loss in net income by "a decline from Nissan's contribution." Renault has a 43.4% stake in the Japanese firm.

The company noted that the loss in revenue was because of differences in exchange rates.

Ghosn has been detained in Tokyo since November. He has been charged with falsifying financial reports in under-reporting compensation and breach of trust in having Nissan shoulder investment losses and paying a Saudi businessman.

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