Renault shares collapsed after the company published reports

Shares of auto giant Renault fell by more than 16% after the publication of the company's latest results. Informs about this Profit.Ro .

The latest balance confirmed by Luca de Meo, the head of the Renault Group, demonstrates new results for the company, which he led for five years. Renault's turnover grew by only 2.5%, but future forecasts are less optimistic due to lower demand.

Renault Group, which also owns the Dacia brand, recorded revenue of 27.6 billion euros in the first six months of this year, which is 2.5% more than a year ago, thereby continuing to strengthen its financial position.

The operating margin of the automotive company for the period from January to June was 6%, which is 2.1 percentage points less than last year, and free cash flow reached 47 million euros.

The company says it recorded "below-expectations results" in June, driven by below-expected sales volumes, increased commercial pressures caused by the downturn in the retail market, as well as in the light commercial vehicle sector, and "the level of accounts receivable caused by bill payment gaps."