Renault released its 2009 annual financial results today. Renault SA, France's second largest carmaker, reported its first annual loss in 13 years. The net loss was posted €3.1 billion ($4.3 billion) while in the previous fiscal the company reported a profit of €571 million.

These results did not match the expectations of market analysts as they had predicted that the company is going to bear a €2.6 billion loss. The full year 2009 revenue fell 11% to €33.7 billion though the company saw an increase of 25% in revenues posted in fourth quarter of 2009. Before this Renault had a full year net loss in 1996. This is the year when the company got privatized. The first half of the year was more crucial for the company as in second half the company posted a loss of only €356 million. The only thing to give some relief is that Renault's world market share grew up marginally by 0.1 point to 3.7% in 2009.

Renault expects economic conditions to remain tough in 2010 and sees a 10% drop in the European market as a whole. Its Chief Executive Carlos Ghosn gave no earnings forecast for the year ahead.

"We took the first actions to withstand the crisis as early as July 2008. Renault proved its resilience in 2009. Economic conditions will remain difficult in 2010 with a 10% fall in the European market," said Carlos Ghosn, Chairman and CEO of Renault. "We are continuing our work on building the Renault of the post crisis period."