Nissan Bracing for 670-B.-Yen Annual Net Loss
Tokyo, July 28 (Jiji Press)--Nissan Motor Co. <7201> said Tuesday that it expects to suffer a consolidated net loss of 670 billion yen in the year ending in March 2021, the second consecutive annual loss.
The Japanese automaker is facing the fallout from the worldwide spread of the novel coronavirus, on top of a slump in vehicle sales stemming from a delay in new model launches.
For the current business year, Nissan also estimated sales of 7.8 trillion yen, down 21 pct from the previous year, and an operating loss of 470 billion yen, the largest ever at the company. It will skip dividend payments.
For the April-June quarter, meanwhile, Nissan reported a net loss of 285,589 million yen, against the year-before profit of 6,377 million yen, on sales of 1,174,194 million yen, down 50.5 pct from a year earlier.
Nissan aims to improve its profitability by releasing new vehicles, but the prospect for its revival remains uncertain.
[Copyright The Jiji Press, Ltd.]