Nissan drives to Q4 profit
By Yuri Kageyama |
May 13, 2011, Friday
|
Print Edition
Print Edition
NISSAN rounded out a record year for car sales by returning to profit in the fourth quarter but Chief Executive Carlos Ghosn acknowledged serious challenges from Japan's natural disasters.
The good news yesterday was clouded by uncertainties due to the damage from Japan's quake, tsunami and nuclear crises that have disrupted production for Nissan and other Japanese auto makers.
Nissan Motor Co, allied with Renault SA of France, reported a 30.77 billion yen (US$380 million) profit for January-March, a turnaround from a 11.6 billion yen loss a year earlier. Quarterly sales jumped 10 percent to 2.35 trillion yen.
Ghosn said production at Nissan plants worldwide will be back at pre-disaster levels by October, after which the company will make up for lost production.
He did not give an earnings forecast for the current fiscal year through March 2012, but promised projections would be ready by a shareholders' meeting in June.
Ghosn said Japan's second biggest auto maker was working on restoring full production. The magnitude-9.0 earthquake and tsunami on March 11 destroyed key auto parts makers in northeastern Japan.
On Wednesday, Toyota Motor Corp said fixing its production problems was moving faster than initially expected, although it did not give a date for a full recovery.
"Nissan is once again proving its resilience in the face of adversity," Ghosn said.
He said overseas rivals were likely going to snatch market share away while Nissan struggles to fix production.
But momentum was in Nissan's favor, given the sales achieved and market gains for the year just ended, he said.
The good news yesterday was clouded by uncertainties due to the damage from Japan's quake, tsunami and nuclear crises that have disrupted production for Nissan and other Japanese auto makers.
Nissan Motor Co, allied with Renault SA of France, reported a 30.77 billion yen (US$380 million) profit for January-March, a turnaround from a 11.6 billion yen loss a year earlier. Quarterly sales jumped 10 percent to 2.35 trillion yen.
Ghosn said production at Nissan plants worldwide will be back at pre-disaster levels by October, after which the company will make up for lost production.
He did not give an earnings forecast for the current fiscal year through March 2012, but promised projections would be ready by a shareholders' meeting in June.
Ghosn said Japan's second biggest auto maker was working on restoring full production. The magnitude-9.0 earthquake and tsunami on March 11 destroyed key auto parts makers in northeastern Japan.
On Wednesday, Toyota Motor Corp said fixing its production problems was moving faster than initially expected, although it did not give a date for a full recovery.
"Nissan is once again proving its resilience in the face of adversity," Ghosn said.
He said overseas rivals were likely going to snatch market share away while Nissan struggles to fix production.
But momentum was in Nissan's favor, given the sales achieved and market gains for the year just ended, he said.
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