Japanese quake hits Nissan profits
For the first six months of the year, the carmaker reported net profit of 85 billion yen (€20m) down 20% from 106.7bn yen a year earlier, although up against forecasts.
Net revenue rose 1.6% to 2.082tr yen (€17.7bn).
Vehicle sales were up 10.6% in the first quarter of fiscal year 2011 compared to the same period in fiscal 2010.
‘Our rapid recovery from the natural disasters in March once again shows the power of Nissan in responding effectively and decisively to crisis,’ said Nissan president and CEO, Carlos Ghosn. ‘Nissan’s performance in the first quarter, despite strong headwinds such as foreign exchange and rising raw material costs, demonstrates our potential to deliver the goals of our recently announced Nissan Power 88 mid-term plan.’
Over the course of fiscal year 2011, Nissan is to launch five new models globally. These include the Tiida hatchback, which has made its debut in China and the Lafesta Highway STAR minivan, which was launched in Japan. These will be joined by the NV400 front- and rear-wheel-drive commercial vehicles for Europe and the Infiniti JX in North America.For more of the latest industry news, click here.