Renault reports 2011 earnings fallFebruary 16, 2012 - 12:51 AMT PanARMENIAN.Net - Renault SA saw its earnings fall in 2011 compared to a year earlier when the French car maker booked an exceptional euro2 billion ($2.62 billion) gain on the sale of part of its stake in Sweden's Volvo AB. According to AP, France's number two car maker after Peugeot-Citroen reported Thursday, Feb 16, a net profit of euro2.1 billion, down from euro3.4 billion a year earlier, when earnings were boosted by the sale of Volvo shares Renault acquired when it sold its truck making division to the Swedish car maker in 2001. The maker of Megane sedans and Twingo compact cars said it expects its core French car market to shrink by up to 8 percent this year, while the European car market where Renault makes well over half its sales will decline by 3 to 4 percent. Last year Renault sold nearly 100,000 additional vehicles, taking its global total to over 2.72 million. Gains were driven outside Europe, notably in growing markets in Russia, Turkey and Latin America. Renault shares gained in early trading on the Paris stock exchange as investors welcomed the report, which was in line with analysts' forecasts. Renault shares were up 2.5 percent at euro37.09. The car maker also did considerably better last year than cross-town rival Peugeot Citroen, which Wednesday said expensive restructuring costs had nearly halved its 2011 profit. It also took a more pessimistic view on the outlook for France's car market this year, forecasting a 10 percent contraction. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |