More cars sold, weak yen lifts net at Nissan
Print Edition
NISSAN’S quarterly profit edged up nearly 5 percent as sales grew around the world and a favorable exchange rate helped earnings.
Nissan Motor Co reported yesterday that January-March profit totaled 114.9 billion yen (US$1.1 billion), up from 109.7 billion yen the year before. Quarterly sales rose above 20 percent to 3.2 trillion yen.
Nissan said its sales growth was outpacing the industry. The Japanese automaker is expecting continued growth for the current fiscal year that began on April 1, according to CEO Carlos Ghosn.
Yokohama-based Nissan forecast annual net profit of 405 billion yen, up 4 percent from 389 billion yen in the last fiscal year.
Both its quarterly and annual profit results were better than Nissan’s own forecasts and the projections by analysts surveyed by FactSet.
A weak yen has been a boon for Japanese exporters such as Nissan, which makes the March subcompact, Infiniti luxury models and the Leaf electric car, and is allied with Renault SA of France.
But the perk may not continue. Although the dollar soared to about 100 yen during the past fiscal year from about 80 yen the fiscal year before that, it’s unlikely to keep rising at that pace, to 120 yen, for instance.
And that’s weighing on the prospects of all the Japanese automakers, including Nissan, Japan’s No. 2 automaker, because profits may not keep growing at the current pace.
Toyota Motor Corp, the world’s top automaker, chalked up a record annual profit and sales above 10 million vehicles for the first time, but is forecasting a slower year as the momentum from a weak yen fades.
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