France’s Renault swings to half-year net profit versus 2020 loss

French carmaker Renault (RENA.PA) on Friday posted a half-year net profit compared to a hefty loss for the same period in 2020, thanks to rising car sales and a turnaround plan focused on profitability.

The carmaker reported a quarterly net profit of 354 million euros ($420.52 million) for the first six months of 2021 compared to a loss of nearly 7.3 billion euros for the same period in 2020, which included lengthy industry-wide production shutdowns aimed at slowing the spread of the coronavirus pandemic.