Crisis-hit Japanese automaker Nissan slashed its full-year forecast Tuesday as nine-month net profit dropped 45 percent in the first earnings report since the stunning arrest of former chairman Carlos Ghosn. The firm blamed growing costs of raw materials and emerging economy foreign exchange declines for its bottom
Crisis-hit Japanese automaker Nissan slashed its full-year forecast Tuesday as nine-month net profit dropped 45 percent in the first earnings report since the stunning arrest of former chairman Carlos Ghosn.
The firm blamed growing costs of raw materials and emerging economy foreign exchange declines for its bottom-line profit dropping by 45.2 percent to 316.7 billion yen ($2.9 billion).
The disappointing nine-month performance and a change in accounting methods forced the manufacturer to downgrade its net profit forecast for the fiscal year to March to 410 billion yen, compared with 500 billion yen projected earlier.
Annual sales are now seen at 11.6 trillion yen, down from an earlier estimate of 12 trillion yen.
The results came as Nissan and its partners Renault and Mitsubishi Motors are seeking to turn the page on Ghosn’s arrest for financial misconduct, which has exposed a rift in the three-way tie-up.
