Nissan's Net Profit Falls 57 Pct amid Sales Slump

Economy

Yokohama, May 14 (Jiji Press)--Nissan Motor Co. <7201> said Tuesday its consolidated net profit in fiscal 2018, which ended in March, tumbled 57.3 pct from the previous year to 319,138 million yen, hurt by sluggish global vehicle sales.

The profit plunge also stemmed from increased costs relating to an extension of vehicle guarantee periods in the United States.

The Japanese automaker revised down figures in its current medium-term business plan, lowering its annual sales goal for fiscal 2022 by 2 trillion yen to 14.5 trillion yen on a basis that includes sales at Chinese joint ventures.

"We aim to make more sustainable our expansion strategy that has been promoted under former Chairman Carlos Ghosn," Nissan President Hiroto Saikawa told a press conference in Yokohama, south of Tokyo.

In the year to last March, Nissan's group sales fell 3.2 pct to 11,574,247 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press