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

Nissan forecast a further decline in profit as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn. (AP)
Updated 14 May 2019
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Nissan full-year net profit more than halves to near-decade low

  • Sales fell 3.2 percent with operating profit down for a third straight year
  • For the year to March 2020, Nissan said its net profit would nearly halve further to ¥170 billion

TOKYO: 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.
The Japanese firm’s bottom-line profit for the fiscal year to March fell 57.3 percent to $2.9 billion (¥319.1 billion), the lowest since 2009-2010 when the company was struggling in the wake of the global financial crisis.
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.
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 with sales projected to fall 2.4 percent.
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.
Among other accusations, authorities suspect he siphoned off around $5 million for his personal use from money transferred from Nissan to a dealership in Oman.


Russia’s Novak sees agreement being reached at OPEC talks

Updated 27 June 2019
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Russia’s Novak sees agreement being reached at OPEC talks

MOSCOW: Russian Energy Minister Alexander Novak said on Thursday he believed OPEC and its allies would reach an agreement when they discuss their global oil output deal at a meeting in Vienna.
Russia’s Energy Ministry is still in talks with Russian oil companies about the output deal, Novak said, adding he planned to meet Saudi Energy Minister Khalid Al-Falih at a G20 summit in Japan later this week.
“I think we will definitely agree, there will be a consolidated general decision,” he told reporters when asked if he expected difficult talks at the Vienna meeting.