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Nissan Posts 14% Drop in Net Profit
Nissan Motor Co. says slumping sales in major markets cut its fiscal first quarter net income 14% to 116 billion yen ($1 billion).
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Nissan Motor Co. says slumping sales in major markets cut its fiscal first quarter net income 14% to 116 billion yen ($1 billion). Operating profit shrank 29% to 109 billion yen ($983 million).
Unit sales in April-June shrank 3% to 1.31 million vehicles, and revenue slipped 2% to 2.7 trillion yen ($225 billion). Unfavorable exchange rates and rising commodity costs also lowered operating profit by 46 billion yen ($415 million).
Nissan says its sales in China climbed 7% to 336,000 units). Volume also rose in 7% to 200,000 units elsewhere in Asia and in Latin America, the Middle East and Africa. But deliveries for the period fell in North America (-10% to 482,000 units), Europe (-13% to 162,000) and Japan (-1% to 130,000).
The company says new product should improve results later this year. Nissan reiterates that it expects full-fiscal-year sales will expand 3% to 5.93 million units, but operating profit and net income will drop by 6% and 33%, respectively.
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