April 19, 2024

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Renault Samsung Motors said on May 2 its net profit plunged 27 percent in 2018 from a year earlier on weak sales.

Net profit fell to 222 billion won ($191 million) last year from the previous year’s 305 billion won, the company said in a regulatory filing with the Financial Supervisory Service. 

Operating profit also declined 11 percent to 354 billion won from 402 billion won over the cited period. Sales were down 17 percent to 5.59 trillion won from 6.71 trillion won, it said.

For the whole of 2018, its auto sales dropped 18 percent on-year to 227,577 units from 276,808 units due to a lack of new models.

By Ram Garikipati and newswires (ram@heraldcorp.com)