French carmaker Renault's profits fell 39% in the first half of 2012 driven in part by expenses related to changes in the product cycle.
Its revenues were largely unchanged over last year. The company sold a record number of vehicles outside Europe, off-setting a sharp fall-off in its core market.
Sales slipped 1% for the first half to €20.9 billion. Net profit was €746m. The company said that it expects that trend to continue in the second half of the year and become even more pronounced.
It now predicts the French market will contract 10% to 11%, and the rest of Europe will shrink 6% to 7%. Global demand, by contrast, should rise 5%.
