Renault reports first revenue decline since Iran exit

French carmaker Renault has reported its first loss since pulling out of Iran in July, just as the US was about to impose its first round of sanctions on the Islamic Republic.

Renault suffered a 6 percent drop in third-quarter revenue which saw earnings fall to 11.48 billion euros, the group said.

Much of the downturn came from decline in the automotive division which fell by a steeper 8.4 percent at 10.06 billion euros.

The slump contrasted with Renault’s July report of record revenue of 9.8 percent in the first half, during which sales in the Iranian market more than doubled to 68,365 vehicles.

Renault’s show of gallantry came to an abrupt end when it said in June that the carmaker would maintain its presence in Iran despite US sanctions.