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Renault reports higher annual net income, revenues

Renault SA reported higher net income for the fiscal year that ended Dec. 31, 2017, boosted by increased group revenues.

The French automobile manufacturer's net income came in at €5.11 billion, or €18.87 per share, up from €3.42 billion, or €12.57 per share, in the previous fiscal year.

Group revenues for the year increased by 14.7% to €58.77 billion from €51.24 billion in the previous fiscal year.

In addition, operating income grew by 15.9% to €3.81 billion from €3.28 billion in 2016.

The company's operating profit climbed to €3.85 billion from €3.28 billion.

Net financial expenses came in at €504 million, compared to €323 million recorded in 2016.

Renault also confirmed its outlook for the next 12 months, aiming to increase revenues and maintain group operating margin above 6%. It also expects the global market to expand by 2.5% and the European market to grow by 1%.

The company said it would submit for approval at its next annual general meeting a dividend of €3.55 per share, up from last year's €3.15.