Nissan returns to profit
TOKYO, May 12, (AP): Japanese automaker Nissan returned to profitability in the last fiscal year for the first time in three years, despite challenges such as supply shortages caused by the pandemic and soaring costs.
Nissan Motor Co. reported Thursday a net profit of 215.5 billion yen ($1.7 billion) for the fiscal year through March, a reversal from the 448.7 billion yen loss recorded the previous fiscal year.
Annual sales rose 7% to 8.4 trillion yen ($65 billion). In the January-March quarter, Nissan posted a profit of 14.2 billion yen ($110 million). It recorded an 81 billion yen loss in the same period the year before.
Nissan Chief Executive Makoto Uchida said semiconductor supply shortages will remain a challenge in coming months.
Higher raw materials prices, the impact of lockdowns in China and the war in Ukraine were also reasons for concern, according to Nissan. But Uchida said he was confident about being able to “ensure Nissan remains a truly healthy and resilient company that in any business environment can be financially stable and profitable.”
Nissan, allied with Renault SA of France, is projecting a profit of 150 billion yen ($1.2 billion) for the fiscal year through March 2023.