Renault's revenue, net profit down in 2018

Posted at 2:09 AM, Feb 14, 2019
and last updated 2019-02-14 02:09:59-05

PARIS (AP) — French carmaker Renault says its revenue is down 2.3 percent to 57.4 million euros ($64.9 million) last year.

Announcing its financial results in the wake of former chairman Carlos Ghosn's downfall, Renault said Thursday its net profit was down too, to 3.45 million euros, compared to 5.3 million euros the previous year.

Renault justified the loss in net income by "a decline from Nissan's contribution." Renault has a 43.4-percent stake in the Japanese firm.

The company noted that the loss in revenue was because of differences in exchange rates.

Ghosn has been detained in Tokyo since November. He has been charged with falsifying financial reports in under-reporting compensation and breach of trust in having Nissan Motor Co. shoulder investment losses and paying a Saudi businessman.