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Renault profits beat expectations

Renault has reported a better-than-expected profit for the first six months of this year.

The company lifted its earnings targets for the year, adding that sales outside of Western Europe were proving to be one of the main drivers of growth.

Europe's fourth-biggest producer of cars said first-half net income jumped 29% to €1.5bn (£990m).

Its full-year target for profit margins will climb to 5.5% as a result.

Renault's operating profit more than doubled to €1.3bn (£86m) in the first half of 2004, while sales added 11% to €20.8bn (£13.8bn).

The company is forecasting that demand in western Europe will rise by as much as 2% this year.

Source bbc.co.uk

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