- ARAB NEWS
- 20 Apr 2024
Since 1975
TOKYO: Shares in Nissan Motor Co slumped as much as 10.3% on Wednesday morning to their lowest in four months after the Japanese automaker’s weaker-than-expected guidance for the current fiscal year.
Nissan defied expectations on Tuesday for a return to profitability in the year ending March 2022, as the global chip shortage and raw material price increases curb its recovery from a record annual operating loss.
The forecast by Japan’s No.3 car maker by sales to break even for the year that began April 1 was lower than a 241.7 billion yen ($2.23 billion) profit predicted by SmartEstimate.
The company said its annual operating loss in the year ended March 31 widened to 150.65 billion yen from a 40 billion yen shortfall in the previous year, though it beat its February forecast.
Reuters
