Nissan 1H net profit falls, lifts annual forecast

November 2, 2011
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Japanese automaker Nissan
TOKYO, Nov 2 – Japanese automaker Nissan on Wednesday said first-half net profit fell 12 percent on-year to 183.4 billion yen ($2.3 billion) as a strong yen dragged on its recovery from the March earthquake.

However, the automaker lifted its annual forecast as it stayed on track for a profitable year and said it expected full-year net income of 290 billion yen compared to a June forecast of 270 billion yen.

“In spite of unfavourable currency fluctuations, numerous natural disasters and a volatile global economy, we remain on track to deliver a significantly profitable full-year performance,” Nissan President and CEO Carlos Ghosn said in a statement.

The automaker, which is 43.4 percent owned by France’s Renault, said net profit declined to 98.4 billion yen in the three months ended September, down from 101.7 billion yen a year earlier.

Nissan said it sold 1,169,000 vehicles in the second quarter, up 10.8 percent from a year earlier.

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