Renault profits plunge in first annual earnings since Ghosn arrest

Renault profits fell sharply last year, the French automaker said Thursday in its first annual results since the shock arrest of former boss Carlos Ghosn. Net profits for 2018 plunged 37 per cent from a record 5.1 billion euros ($5.75 billion) the previous year, hit by a lower contribution from its Japanese partner Nissan and changes in exchange rates in some emerging countries.

“This decline came mainly from Nissan’s contribution, down 1.282 billion, which notably benefited in 2017 from a one-off gain of 1.021 billion,” Renault said in a statement. Nissan on Tuesday slashed its full-year forecast as nine-month net profit dropped 45 percent.

The results came as Renault, Nissan and its partner Mitsubishi Motors are seeking to turn the page on Ghosn’s arrest in Tokyo in November.