Renault boasts record year despite diesel probe

Baku, February 11, AZERTAC

French carmaker Renault said Friday it booked a record year in 2016 and that it would not set aside any provisions for potential financial fallout from a diesel emissions probe, according to AFP.

Renault, which has now become France's biggest carmaker in terms of sales, said profits leapt almost 20 percent in 2016, driven by strong sales.

Net profit jumped by 19.7 percent to 3.54 billion euros ($3.77 billion) last year on a 13.1-percent increase in revenues to 51.2 billion euros, a statement said.

The company attributed the strong performance to a 13.3-percent increase in registrations of the group's Renault, Dacia and Samsung Motors brands to 3.18 million vehicles worldwide.

"In 2016, Renault reached a new sales record and became the number one French automotive group worldwide. Volume and market shares were up in all regions," it said.

Financial director Clotilde Delbos described 2016 as "a very good year" in which the group reached all of its strategic targets, including an operating profit above 5 percent of revenue.

"These objectives, in particular that of exceeding 50 billion euros in sales, have been achieved by 2016" one year ahead of schedule, she told a news conference.

"We have achieved these very good results despite the fact that a number of the countries that count a lot for us and which were strong in the past... are still at lower levels than in the past," she added, citing Brazil, Russia and Iran.

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