Nissan Motor Co reported a 70% drop in quarterly profit on Tuesday and ...
) reported a 70% drop in quarterly profit on Tuesday and cut its full-year forecast to an 11-year low, hit by a strong yen and falling sales, and highlighting the turmoil at the Japanese automaker after the ouster of Carlos Ghosn.
Following the ouster of former chairman Ghosn almost a year ago, Nissan has been battered by falling profit, uncertainty over its future leadership and tensions with top shareholder Renault SA - whose shares fell 2% to their lowest since April 2013 after Nissan’s downbeat guidance.Operating profit at Japan’s second-biggest automaker by sales came in at 30 billion yen in July-September versus 101.2 billion yen a year earlier.
“Our sales in China outpaced the market, but sales in other key regions, including the U.S., Europe, and Japan underperformed,” Stephen Ma, a corporate vice president who will become chief financial officer next month, told reporters. Nissan slashed its full-year operating profit forecast by 35% to 150 billion yen, which would be its worst full-year performance in 11 years.
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