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Nissan swings to annual profit for 1st time in 3 years

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12 May 2022 09:05:14 GMT9
12 May 2022 09:05:14 GMT9

TOKYO: Nissan Motor Co. said Thursday it swung to net profit for the first time in three years in the year that ended in March, buoyed by higher vehicle prices in the US market and the yen’s depreciation.

The Japanese automaker posted a consolidated net profit of 215,533 million yen, a turnaround from the previous year’s loss of 448,697 million yen.

Sales rose 7.1 pct to 8,424,585 million yen, marking their first rise in four years. The company swung to operating profit for the first time in three years, posting a profit of 247,307 million yen, against the preceding year’s loss of 150,651 million yen.

For the current year through March 2023, Nissan estimates its net profit to fall 30.4 pct to 150 billion yen.

Operating profit is forecast to go up 1.1 pct to 250 billion yen and sales are expected to gain 18.7 pct to 10 trillion yen.

JIJI Press

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