TOKYO Ė Japanese automaker Nissan Motorís net income plummeted 94.5 percent in the first quarter of the 2019 financial year as compared to the same period last year while its revenues fell 12.7 percent, the company said Thursday.
In a press conference at its headquarters in Yokohama, Nissan said its net income between April and June was 6.4 billion yen ($59.2 million).
In the same period of the 2018 financial year, the companyís net income was around 115.8 billion yen.
Meanwhile, Nissanís operating profit dropped 98.5 percent to 1.6 billion yen.
The companyís global unit sales also declined six percent to 1.23 million units.
In Japan alone, sales fell 2.6 percent while in Europe (including Russia) they dropped 16.3 percent.
In contrast, they grew 2.3 percent in China.
The company also announced that, as part of its efforts to optimize production, it would lay-off 12,500 workers in the coming years in eight unspecified countries.
In some cases, production will be cut in certain plants and stopped altogether in others, Nissanís chief executive officer, Hiroto Saikawa, announced in the press conference.