Renault cuts dividend, slices profit goal for 2020

News February 14, 2020 No Comments

Renault cuts dividend, slices profit goal for 2020

PARIS: French carmaker Renault warned that auto demand remained volatile, cut its dividend for 2019 and set a lower operating margin goal for 2020, a crunch year in which it wants to reboot its partnership with Japan’s Nissan .

The company posted an annual profit loss of 141 million euros (US$153 million) – its first in 10 years – for the group share of net income, penalized by charges linked to some of its Chinese joint ventures and as Nissan’s contribution shrank.

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It set an operating margin target for this year of between 3per cent and 4per cent, down from 4.8per cent in 2019.

The company said it proposed paying a dividend of 1.10 euro per share against 2019 results, down from 3.55 euros for 2018.

(Reporting by Gilles Guillaume and Sarah White; Editing by Tom Hogue)

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