Nissan quarterly profit down 11% on stronger yen
Nissan's net income for the last quarter was hit by a stronger yen and slower sales at home in Japan
Nissan has posted a 10.7% decline to net income for the last quarter as it was hit by a stronger yen and slower sales at home.
Net income in the quarter to the end of June was down by 10.7% to 136.4bn yen (USD1.3bn). Nissan deliveries at home were hit by the scandal with Mitsubishi supplied minicars being hit by a fuel economy testing scandal. Nissan's domestic deliveries in Japan fell by over 20% in the quarter as it stopped selling the DayZ minicar models.
Nissan said operating profit for the quarter was 175.8bn yen, 9.2% down on last year. However, it says the figure increases by 38% to 267bn yen if the impact of currencies is excluded.
"Nissan has delivered solid results in the first three months of the fiscal year despite recent currency headwinds and continued emerging-market volatility," said Carlos Ghosn, president and chief executive officer.
Ghosn also left guidance for the full-year - issued to the Tokyo Stock Exchange in May - unchanged. "Encouraging demand for core products, particularly in North America, and our continued focus on cost efficiencies contributed to an improved underlying performance, making us well placed to deliver our full-year net income guidance. This reflects our cost-discipline, on-going product offensive and the benefits of our Alliance strategy."