Monday 20 May
May 15, 2019 @ 10:52

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

 

By Agence France-Presse

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.

Nissan shareholders sack ex-chief Ghosn

The Japanese firm’s bottom-line profit for the fiscal year to March fell 57.3 percent to 319.1 billion yen ($2.9 billion), the lowest since 2009-10 when the company was struggling in the wake of the global financial crisis.

Nissan to recall 150,000 cars due to improper checks

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.

Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn

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 yen with sales projected to fall 2.4 percent.

Renault denounces Nissan over Ghosn investigation: report

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.

Renault-Nissan merger ‘not on the table’: French minister

Among other accusations, authorities suspect he syphoned off around $5 million for his personal use from money transferred from Nissan to a dealership in Oman.

Nissan fails to agree Ghosn replacement, as tensions with Renault grow

Ghosn denies that charge and insists he is innocent of all allegations against him.

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