PARIS: Renault SA reported a 13% increase in third-quarter revenue on Tuesday as a strong performance in the rebounding European car market boosted the French manufacturer.
Revenue rose to €10.55 billion ($11.5 billion) in the three months ended Sept. 30 compared with €9.34 billion a year earlier. Renault reports profit and loss figures only for the first half and full year.
Renault and other car makers heavily exposed to the European market have benefited as the region heads toward a possible record in new car sales this year. While China and the U.S. hit records last year, Europe has been slower to recover and is still below levels in 2007, after which sales plunged in the wake of the global financial crisis and debt problems in some of Europe’s major economies.
Vehicle sales rose 11% in Europe, where Renault has the third biggest market share behind Volkswagen AG and PSA Peugeot Citroën. Two Renault models are in the top-10 of Europe’s most-sold cars last year. The overall European market grew 5.3% in the quarter.
In France, Renault’s vehicle sales rose 3.9% in the third quarter while they jumped 22% outside of the company’s home market. Sales in Asia Pacific increased 26%
The company confirmed its full-year financial targets that include increasing revenue at constant exchange rates and improving the operating margin.
