nissan logs profit drop in apriljune quarter
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Nissan logs profit drop in April-June quarter

Arab Today, arab today

Arab Today, arab today Nissan logs profit drop in April-June quarter

Tokyo - AFP

Nissan reported a drop in quarterly net profit on Thursday, hit by higher costs and weak sales in key markets, although it left its annual forecasts unchanged.

The Yokohama-based company said for the April-June quarter net profit edged down 1.1 percent on-year to 134.9 billion yen ($1.2 billion) while operating profit fell 12.8 percent to 153.3 billion yen.

The maker of the Altima sedan said in a statement that it was hit by "rising raw material costs, adverse foreign exchange impacts, and slower than anticipated growth in key markets".

It did not elaborate on the foreign exchange situation, though with factories around the world and in Japan it is exposed to risks in a number of currencies.

Sales rose 4.0 percent to 2.76 trillion yen.

"Overall, results were in line with the company's expectations... and the company expects improved profitability for the remainder of the year," the group said.

Company vice president Joji Tagawa said Nissan was reporting "satisfactory results despite rising raw materials costs, lower industry volumes in the United States and slower than expected growth in China and the Middle East."

"Our performance in Europe was also impacted by the timing of model change-overs," he told a press briefing.

"These negative issues are offset by healthy demand in Japan and continued cost efficiencies in our business," he said.

Sales growth in China came in at 5.3 percent in April-June while North America sales rose 0.6 percent.

Profits in the US market were dented due to heavy costs related to sales incentives.

Nissan maintained its earnings forecasts for the current fiscal year to March 2018.

It predicted net profit to fall 19.4 percent to 535 billion yen, largely due to year-before gains from the sale of its non-controlling stake in auto parts supplier Calsonic Kansei.

Operating profit is projected to slip 7.7 percent to 685 billion yen while sales are seen edging up 0.7 percent to 11.8 trillion yen.

Longtime Nissan boss Carlos Ghosn this year stepped down from the chief executive post to focus on overhauling scandal-hit Mitsubishi Motors.

Ghosn took charge at troubled Mitsubishi after Nissan threw it a lifeline last year, buying a one-third stake as it wrestled with a mileage-cheating scandal that hammered sales.

He also heads France's Renault and remains as chairman of Nissan.

Mitsubishi Motors said Tuesday that it swung back to net profit for the three months to June, while operating profit soared more than fourfold from a year earlier.

"Nissan can expect a positive synergy in its alliance with Mitsubishi from now on," Satoru Takada, an analyst at Tokyo-based research and consulting institute TIW, told AFP before Nissan's results.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nissan logs profit drop in apriljune quarter nissan logs profit drop in apriljune quarter

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nissan logs profit drop in apriljune quarter nissan logs profit drop in apriljune quarter

 



GMT 15:36 2017 Monday ,09 January

Major EU-GCC meeting in Riyadh today

GMT 17:19 2016 Thursday ,22 December

KFMC surgeons remove 28 kg tumor from woman’s uterus

GMT 17:33 2017 Wednesday ,16 August

Damac reports decline in property development sales

GMT 09:16 2018 Monday ,01 January

Seoul leaning towards military measures

GMT 01:05 2017 Wednesday ,20 December

No guarantees on French-German initiative on Ukraine

GMT 21:00 2017 Sunday ,17 September

Saif bin Zayed approves adoption of 'Emirati Reader'

GMT 02:10 2017 Thursday ,05 January

Bahrain Stock Index Drops 3.47 Points

GMT 02:05 2017 Thursday ,28 September

July24th-August23rd

GMT 04:17 2017 Saturday ,11 November

Laulala out to prove All Blacks worth against France

GMT 02:42 2017 Friday ,14 July

NATO Tripoli strike kills civilians

GMT 05:47 2017 Wednesday ,18 January

Mohamed bin Zayed attends opening of ADSW 2017

GMT 05:40 2016 Saturday ,26 November

Oil falls 2% on OPEC cut uncertainty

GMT 16:48 2016 Tuesday ,11 October

Greek police escort refugee children to school

GMT 09:42 2017 Saturday ,12 August

Prince Charles Promoted to Highest Military Rank

GMT 13:07 2017 Monday ,25 September

Iran blocks all Iraqi Kurdistan flights
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday