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Renault quarterly sales hit by currency, Iran withdrawal

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Renault quarterly sales hit by currency, Iran withdrawal
FILE PHOTO: The logo of French car manufacturer Renault is seen at a dealership of the company in Illkirch-Graffenstaden near Strasbourg, France, January 10, 2019. REUTERS/Vincent Kessler   -   Copyright  VINCENT KESSLER(Reuters)
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PARIS (Reuters) – Renault said first-quarter revenue fell 4.8 percent, weighed down by currency setbacks and the French carmaker’s withdrawal from Iran last year.

Revenue fell to 12.527 billion euros (£10.8 billion) for January-March from 13.155 billion a year earlier, the company said on Friday. On a like-for-like basis excluding currency effects, the decline would have been 2.7 percent.

Renault’s global deliveries fell 5.6 percent to 908,348 vehicles in the quarter. The company’s Iran pullout resulted in a 31 percent decline for its Africa, Middle East and India sales region, while its European sales volume rose 2 percent.

The carmaker reiterated 2019 guidance including higher revenue, positive automotive cash flow and a group operating margin close to 6 percent.

(Reporting by Laurence Frost; Editing by Sudip Kar-Gupta)

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