Nissan Bracing for 45 Pct Fall in FY 2018 Net Profit

Economy

Yokohama, Feb. 12 (Jiji Press)--Nissan Motor Co. <7201> said Tuesday that it has revised down its group net profit estimate for fiscal 2018 through March from 500 billion yen to 410 billion yen, down 45.1 pct from the previous year.

The downward revision mainly reflected sluggish sales in the U.S. market, where the major Japanese automaker generates some 40 pct of its earnings.

Also, Nissan booked 9,232 million yen in April-December 2018 in remuneration to former Chairman Carlos Ghosn that had not been reported in past securities reports.

Ghosn has been indicted in Japan on suspected financial misconduct, including underreporting of his pay from Nissan for fiscal 2010 to fiscal 2017 in violation of the financial instruments and exchange act.

He was removed from the post of chairman days after his first arrest on Nov. 19 last year.

[Copyright The Jiji Press, Ltd.]

Jiji Press