Nissan to Book 1st Net Loss in 11 Yrs amid Pandemic

Economy

Tokyo, April 28 (Jiji Press)--Nissan Motor Co. <7201> said Tuesday that it now expects to book a consolidated net loss for fiscal 2019, which ended last month, due to the fallout from the coronavirus pandemic.

The annual net loss would be the first for the major Japanese automaker since fiscal 2008, when the financial crisis triggered by the collapse of Lehman Brothers in September 2008 ravaged the world economy.

Nissan said its bottom line for fiscal 2019 could worsen by around 150 billion to 160 billion yen from its February forecast of a 65-billion-yen profit.

The operating-level figure could be around 120 billion to 130 billion yen lower than the estimated profit of 85 billion yen, the company also said.

The dismal earnings outlook reflects falling demand for new automobiles in the global pandemic.

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Jiji Press