Nissan said that its net profit during October to December quarter tumbled 34.6% from a year earlier but the Japanese automaker kept its full year profit forecast unchanged.
The company said that it earned JPY 54.1 billion during the period on sales of JPY 2.21 trillion, down 5.3% YoY. It expects to book a net profit of JPY 320 billion in the fiscal year to March.
Nissan’s global vehicle sales slipped 3.8% in the quarter to 1.16 million units as a slumping European market and tough conditions in China the world’s biggest vehicle market weighed.
CEO Mr Carlos Ghosn said in a statement that “Nissan’s performance in the Q3 did not meet our expectations. This was primarily the result of difficult operating conditions in Europe for the entire auto industry in China for Japanese automakers and in the US for Nissan.”
Mr Ghosn added that the automaker has taken action to reignite our sales momentum and growth.
A weakening yen and cost-cutting allowed Nissan to keep its full year earnings outlook unchanged.
Net income in the nine months to December was JPY 232.4 billion, down from JPY 266.1 billion a year earlier.
Source - Hindu Business Line
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