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Nissan’s Profits Slide 11%
Nissan Motor Co. says Japan's strengthening yen cut the company's net income in April-June 11% to 136.4 billion yen ($1.3 billion).
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Nissan Motor Co. says Japan's strengthening yen cut the company's net income in April-June 11% to 136.4 billion yen ($1.3 billion).
Currency exchange also shrank the company’s operating profit 9% to 176 billion yen ($1.6 billion). Operating profit soared 38% when exchange rates are ignored.
Nissan's quarterly revenue dropped 8% to 2.7 trillion yen ($24.6 billion). Worldwide retail sales were flat at 1.29 million vehicles. Sales gains in North America (+9% to 529,000) and China (+1% to 299,000) were offset by shrinkage in Japan (-25% to 90,000), Europe (-3% to 183,000) and other markets (-9% to 186,000).
Nissan reiterates its guidance for the full fiscal year ending next March 3. The company anticipates net revenue of 11.8 trillion yen ($112 billion), an operating profit of 710 billion yen ($6.8 billion) and net income of 525 billion yen ($5 billion).
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