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Renault confirms high net income

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Renault has reported a net income of €1,253 million (£1,097) as part of its financial results for the first half of 2011, as more people buy its models through car dealerships.

The manufacturer's first half-year sales also rose, jumping by 1.9 per cent to 1.4 million units, while its group revenues increased by 7.3 per cent from last year.

Its group revenues also reached €21,101 million (£18,476 million), representing a year-on-year increase of 7.3 per cent.

Carlos Ghosn, chairman and chief executive officer of Renault, said: "The sales record in the first half confirms the group’s strong potential for international growth."

Mr Ghoshn also remarked that the financial results were influenced by external events such as supply constraints and a significant increase in the cost of raw materials.

Elsewhere in the car industry, Daimler has seen a rise in fortunes, with the manufacturer's profits reaching €1.7 billion (£1.5 billion) in the three months preceding June 30th. ADNFCR-2576-ID-800638853-ADNFCR

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