Nation and World News

top news | u.s. | world | business | sports | health | tech | arts | search AP |
Jul 27, 4:17 AM EDT

Nissan quarterly profit down 11 pct on yen, shrinking sales


Latest News
SoftBank profit up 19 pct as Japan sales offset Sprint loss

Nissan quarterly profit down 11 pct on yen, shrinking sales

Japan poised to pump up sluggish growth with new stimulus

Multimedia
Nissan Goes 'Green'

TOKYO (AP) -- Japanese automaker Nissan Motor Co. is reporting a 136.4 billion yen ($30.7 million) profit for the fiscal quarter through June, down nearly 11 percent from the same period a year ago.

The result released Wednesday was in line with forecasts from analysts surveyed by FactSet.

Quarterly sales shrank 8.4 percent to 2.65 trillion yen ($25 billion) due to a stronger yen, which slams overseas earnings for exporters like Nissan.

Yokohama-based Nissan, which makes the March subcompact, Infiniti luxury brand and the Leaf electric vehicle, kept its full-year forecast for a 525 billion yen profit, up slightly from the 524 billion yen earned the previous fiscal year.

Nissan blamed volatility in emerging markets for the lower profit, noting vehicle sales dipped in South America, the Middle East and Africa.

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.