Paris - French car maker Renault saw its profits plunge in 2008 after posting a huge loss in the second half of the year, the company said on Thursday.
Profits for last year totaled 571 million euros (735 million dollars), down 78.6 per cent from 2007, Renault said in a press statement.
The profit downturn was the result of a shrinking car market in the second half of 2008, when Renault posted a loss of 980 million euros.
Turnover for the year fell by 7 per cent, to 37.79 billion euros, as sales of Renault vehicles dropped by 4.1 per cent "in a world market that shrank by 5 per cent," the company said.