Nissan drives from profit to loss

By Yuri Kageyama | May 13, 2009, Wednesday |

Print Edition

NISSAN Motor Co, Japan's No. 3 auto maker, reported a 233.7-billion-yen (US$2.4 billion) annual loss, a reversal of fortune from the previous profitable year but better than the company's own forecasts.

Nissan Chief Operating Officer Toshiyuki Shiga said yesterday the auto maker was hurt by three factors in the fiscal year ended March 2009 - the United States financial crisis, the global slowdown and the strong yen.

But the company, which is allied with Renault SA of France, is expecting to reduce the red ink for the fiscal year through March 2010 to a 170-billion-yen loss, he said.

"We are beginning to see some signs of improved access to credit, the impact of government stimulus packages and a gradual return in consumer confidence," President and CEO Carlos Ghosn said, while remaining cautious about the future.

"The crisis is ongoing and market conditions are still volatile," he said at Nissan's Tokyo headquarters.

Nissan had 482.3 billion yen profit for the previous fiscal year ended March 2008.

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Nissan drives from profit to loss

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