Renault profit rises in 1st half as European car market recovery advances

MarketsAssociated Press

French carmaker Renault has reported a sharp rise in its first-half profit as the European car market rebounded strongly in the period.

Renault on Thursday reported net profit of 1.4 billion euros ($1.5 billion), up from 749 million euros a year earlier.

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The maker of the best-selling Clio and Megane said profit growth was driven by a stronger than forecast recovery in the European market.

European industry body ACEA said this month that passenger car registrations rose 8.2 percent in the first half to more than 7.1 million units. Renault's new registrations rose a modest 0.8 percent in the first half to 1.38 million units.

Renault forecasts the European car market to grow by at least 5 percent this year.