Nissan full-year net profit more than halves to near-decade low

Author: 
AFP
ID: 
1557824352417545600
Tue, 2019-05-14 08:53

TOKYO: Crisis-hit Nissan on Tuesday revealed full-year net
profits at a near-decade low and forecast a further decline as it
battles to recover after the shock arrest of its talismanic former
boss Carlos Ghosn.
The Japanese firm’s bottom-line profit for the fiscal year to
March fell 57.3 percent to $2.9 billion (¥319.1 billion), the
lowest since 2009-2010 when the company was struggling in the wake
of the global financial crisis.
Sales fell 3.2 percent with operating profit down for a third
straight year, said Nissan — which is allied with France’s
Renault and fellow Japanese carmaker Mitsubishi Motors.
The results were in line with its downward revision announced last
month.
For the year to March 2020, Nissan said its net profit would nearly
halve further to ¥170 billion with sales projected to fall 2.4
percent.
The results came as ex-chairman Ghosn, now released on bail, awaits
his fate after prosecutors hit him with a fourth set of charges
over alleged financial misconduct.
Among other accusations, authorities suspect he siphoned off around
$5 million for his personal use from money transferred from Nissan
to a dealership in Oman.

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Former Nissan chief Ghosn granted $4.5 million bail, prosecutors
appeal decisionCrisis-hit Nissan issues fresh profit warning
Source: FS – All-News-Economy
Nissan full-year net profit more than halves to near-decade low