Nissan Reports 38% Rise in Profit

Nissan’s profit for the July-September quarter zoomed 38 percent higher on healthy sales in China, the U.S. and Europe, prompting the automaker to raise its full-year projections.

Yokohama, Japan-based Nissan Motor Co. reported Monday a fiscal second quarter profit of 172.8 billion yen ($1.4 billion), up from 124.9 billion yen the year before.

Quarterly sales at the Japanese automaker allied with Renault SA of France rose 13 percent to 3.034 trillion yen ($25.2 billion).

Nissan now expects a 535 billion yen ($4.4 billion) profit for the full year through March 2016, which would be an increase of nearly 17 percent from the previous year.

It credited strong sales, cost cuts and a favorable exchange rate. The maker of the Leaf electric car and Infiniti luxury models had earlier expected a 485 billion yen ($4 billion) profit for the fiscal year.

“We are increasing our financial forecast for the full year as our product offensive, our continued financial discipline and the ongoing benefits of our alliance strategy is delivering better-than-expected results,” said Nissan Chief Executive Carlos Ghosn, who also heads Renault.

Ghosn said the strong overseas markets compensated for sales losses in Japan, which has been stagnating for years.

via Mainichi

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