NISSAN WARNS OF FLAT PROFIT GROWTH
Downbeat forecast despite annual net profit of US$5.82b for last financial year
Yesterday, Nissan said its latest operating profit fell 6.4 per cent while revenue shed 3.9 per cent to 11.72 trillion yen, blaming a stronger yen.
For the current year to March 2018, Nissan said net profit would fall 19.4 per cent to 535 billion yen. Operating profit and revenue are on track to decline 7.7 and 0.7 per cent, respectively, it said.
Nissan sold more cars globally in the latest period — 5.63 million — with a rise in most major markets including North America, Europe and China. Sales in its home market were down.
In February, longtime Nissan boss Carlos Ghosn announced he was stepping down from the chief executive post to focus on overhauling scandal-hit Mitsubishi Motors, but would stay on as chairman.
Ghosn handed over the reins to Nissan veteran Hiroto Saikawa last month.
“Nissan is seeing a strong performance in North America and China, the world’s two major markets,” said Satoru Takada, an analyst at TIW, before the earnings report.
“I don’t think Ghosn’s retreat will have a big impact as he is still overseeing the company as its chairman,” said Takada. AFP
Nissan sold 5.63 million cars globally in the year ended March 2017, with sale increases in most major markets including North America, Europe and China.