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Nissan's net profit skids down 13.3 pct on year in H1, brisk sales in China, N. America cap losses www.xinhuanet.com.cn
TOKYO, Nov. 7 (Xinhua) -- Nissan Motor Co. announced Monday that its group net profit in the first half of fiscal 2016 dropped 13.3 percent from a year earlier, owing to the strength of the Japanese currency eroding profits made overseas, although robust sales in its Chinese and North American markets helped to limit the firm's overall losses.
According to the Yokohama-based manufacturer, the firm's group net profit in the fiscal first half came in at 282.43 billion yen (2.70 billion U.S. dollars), with its consolidated operating profit dropping 14 percent in the April to September period to 339.73 billion yen, based on sales of 5.32 trillion yen, which is a decrease of 10.3 percent for the period.
Nissan, the maker of the March subcompact and Leaf electric vehicle, however, maintained its earnings forecasts for the full business year through March 31, stating that it expects an uptick in its group net profit by 0.2 percent from a year earlier to 525 billion yen.
"We have a strong product lineup in the second half to help us reach this target," Hiroto Saikawa, Nissan's co-chief executive, was quoted as saying, adding that the yen could be blamed for creating headwinds for the firm.
Nissan, however, said it now projects its operating profit to decelerate 10.5 percent to 710 billion yen, based on sales of 11.8 trillion yen, which is a 3.2 percent decrease from earlier estimates.
Weak domestic demand and the yen's comparative strength have both impacted Nissan's profit margins and future guidance, with its capital share tie-up with Mitsubishi Motors Corp. in October, which itself has been embroiled in a fuel economy data test scandal, contributing to the firm's circumspect outlook.
The halt in sales of Mitsubishi Motors' models affected by the fuel efficiency data manipulation scandal was largely responsible for domestic sales skidding down by 20 percent in the first half of the year, Nissan said.
But the carmaker added that it had shifted 2.61 million vehicles globally from April to September, down just 0.1 percent from a year earlier, owing to brisk sales in China and North America.
Published Date:2016-11-08
