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  HOME | Business & Economy (Click here for more)

Nissan Posts $2.4 Billion Net Profit for April-September

TOKYO Nissan Motor recorded a net profit of 276.5 billion yen ($2.4 billion) between April and September 2017, representing a 0.7 percent drop year on year mainly due to an inspection scandal at its domestic factories.

During this period, the first half of the Japanese fiscal year, Nissan earned an operating profit of 281,800 million yen, 13.2 percent less than in the same period in 2016, the Yokohama-based Company said in a statement.

Its sales revenue rose 8.1 percent to 5.652 trillion yen.

The company sold 2.73 million vehicles worldwide during the six-month period, an increase of 4.6 percent.

However, the second largest Japanese car manufacturer saw a decline due to the cost of irregularities in the safety inspections at its Japanese plants.

The company had decided to temporarily suspend production in Japan on Oct. 19, after confirming the irregularities in its domestic plants, after the issue broke out on Sep. 29, but has since restarted.

The safety inspection issue led Nissan to recall more than 1 million cars, impacting adversely its sales in Japan in October, when it estimated a plunge of nearly 50 percent in sales.

Although the negative effect on sales is not yet reflected in its half-yearly results, Nissan has included an estimate of the cost of recalling the cars in Japan in these accounts, as well as in its results forecast for the fiscal year.

The company revised its operating profit estimate downward for the current fiscal year ending in March 2018, due to the expected net impact related to vehicle final inspection costs.

Nissan now expects to an operating profit of 645 billion yen, 5.84 percent less than its earlier estimate.

However, it has decided to keep its net profit and sales estimates at 535 billion yen and 11.8 trillion yen respectively.

 

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