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Renault posts 11 percent earnings drop
2009-10-29
PARIS (AFP) - French car maker Renault reported an 11-percent drop in quarterly earnings on Thursday but said the decline was slower than the first half of the year and sales had picked up. "Group revenues declined 11.3 percent year-on-year in third-quarter 2009, more moderately than in the first quarter (-30.8 percent) and the second quarter (-16.9 percent)," it said in a statement. It reported revenues of 8.1 million euros (12 million dollars) for July to September, down from the corresponding period a year ago as the world economic slowdown has sapped demand for vehicles. It said however that sales were up 0.8 percent quarter-on-quarter. Renault "benefited from successful 2009 launches, notably the Megane family, including New Scenic and Grand Scenic, and the SM3 in South Korea." "The positive trend in operational performance observed in the second quarter is confirmed," the company said. "Renault is on track to meet its objective for 2009: to generate positive free cash flow. It is also forecasting increased market share in Europe."
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