Nissan has filed a notice with the Tokyo Stock Exchange to report that the company’s consolidated earnings for the fiscal year ended March 31, 2020, may ‘differ by more than 30% from the previous financial forecast announced in February’. The company cited a continued decline in the company’s performance resulting from the impact of the COVID-19 pandemic and the possible booking of a one-time loss.

The company is now facing its worse financial performance since 2008, when it posted an operating loss of 137.9 billion yen.

In February, Nissan revised its consolidated financial forecast for the fiscal year ending March 31, 2020, estimating an operating profit of 85 billion yen and net income of 65 billion yen. However, as a result of the COVID-19 crisis, Nissan said it may report a consolidated operating profit that is 120 billion to 130 billion yen lower and net income that is 150 billion yen to 160 billion yen lower than the February forecast.

The company said the deterioration in operating profit includes impacts from the decline in sales of vehicles and parts of approximately 90 billion yen and the booking of additional provisions for the sales finance business of approximately 30 billion yen.

Nissan said the revision does not include the impact of a revision of the company’s midterm plan, which the company is currently assessing. There is a possibility that Nissan may book an additional provision associated with this revision, it warned.

Due to delays in the company’s financial close and audit process caused by the COVID-19 pandemic and lockdowns in several locations, Nissan will delay its announcement on FY19 financial results and revised midterm plan from middle of May to May 28, 2020.