Nissan posts narrow profit for fiscal year, beats analysts’ estimates
It reports earnings of 58 billion yen, beating the company’s forecast of 50 billion yen
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[YOKOHAMA] Nissan on Wednesday (May 13) reported an operating profit of 58 billion yen (S$467.7 million) for the fiscal year that ended in March.
This comes as an improved cost performance and a one-off boost tied to US emissions regulations offset a hit from Washington’s tariffs.
Analysts, based on an LSEG survey, expected the carmaker to report a fiscal year loss of 60 billion yen. In the same period the year before, it posted a profit of 69.8 billion yen.
Nissan, like other carmakers, faces pressure from US tariffs, intense competition from Chinese electric vehicle makers in Europe and elsewhere, as well as higher material costs and supply risks from the US-Israeli war on Iran.
CEO Ivan Espinosa is trying to return the carmaker to growth after years of turmoil and is cutting jobs, manufacturing sites and the number of cars in its global line-up.
The results were slightly better than the company’s forecast for a 50 billion yen profit that was released about two weeks ago.
The company said that US tariffs pushed down the full-year profit by 286 billion yen.
For the current fiscal year, Nissan expects to report an operating profit of 200 billion yen. REUTERS
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