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Nissan Issues Another Profit Warning
Nissan Motor Co. now expects its operating profit for the fiscal year ended March 31 plunged 29% to 318 billion yen ($2.8 billon), its worst result in nearly 10 years.
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Nissan Motor Co. now expects its operating profit for the fiscal year ended March 31 plunged 29% to 318 billion yen ($2.8 billon), its worst result in nearly 10 years.
The new forecast is the second downward revision in two months. The company blames much of its woes on disappointing sales in Japan and the U.S. and a one-time charge of 66 billion yen ($590 million) to cover extended transmission warranties in the American market.
But Nissan also points to the tarnish on its reputation caused by last November’s arrest of then-Chairman Carlos Ghosn on suspicion of financial wrongdoing. The company has declared it is abandoning Ghosn’s aggressive efforts to build market share by refocusing on profitability.
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