Nissan cuts guidance on annual net income
By Lu Nengneng |
November 7, 2012, Wednesday
|
Print Edition
Print Edition
NISSAN Motor Co yesterday joined Honda in cutting its expectations for full-year global net profits by 20 percent after having taken the brunt of China's boycott of Japanese goods amid a territory dispute between the two countries.
The Yokohama, Japan-based carmaker lowered its earnings forecast to 320 billion yen (US$3.99 billion) from 400 billion yen after its China sales plunged 43 percent from a year earlier to 64,300 units last month following a 35 percent downturn in September.
With 27 percent of its sales coming from China, Nissan has the biggest risk exposure among Japanese carmakers to China's anti-Japanese sentiment that almost halved Japanese car sales in recent months. Honda, for example, reported a 54 percent drop in its China sales last month after cutting its global profit outlook to 375 billion yen from 470 billion yen.
Amid the turbulence, Nissan slashed its annual sales forecast in China to 1.18 million units from 1.35 million and subsequently brought down its global figure from 5.35 million units to 5.08 million for its fiscal year that ends in March.
According to Nissan's Chief Operating Officer Toshiyuki Shiga, the company's market share in China dropped from 7.5 percent in the first-half of this year to 6.3 percent in the third quarter.
The Yokohama, Japan-based carmaker lowered its earnings forecast to 320 billion yen (US$3.99 billion) from 400 billion yen after its China sales plunged 43 percent from a year earlier to 64,300 units last month following a 35 percent downturn in September.
With 27 percent of its sales coming from China, Nissan has the biggest risk exposure among Japanese carmakers to China's anti-Japanese sentiment that almost halved Japanese car sales in recent months. Honda, for example, reported a 54 percent drop in its China sales last month after cutting its global profit outlook to 375 billion yen from 470 billion yen.
Amid the turbulence, Nissan slashed its annual sales forecast in China to 1.18 million units from 1.35 million and subsequently brought down its global figure from 5.35 million units to 5.08 million for its fiscal year that ends in March.
According to Nissan's Chief Operating Officer Toshiyuki Shiga, the company's market share in China dropped from 7.5 percent in the first-half of this year to 6.3 percent in the third quarter.
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