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

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.


Malta seizes $1 bn in fake Libyan money ‘printed by Russian firm’

Updated 4 min 32 sec ago

Malta seizes $1 bn in fake Libyan money ‘printed by Russian firm’

  • ‘This incident once again highlights the need for Russia to cease its destabilizing actions in Libya’

VALLETTA: Maltese authorities have seized counterfeit Libyan money worth $1.1 billion that was printed by a Russian firm and worsen the north African country’s economic problems, the US State Department said.

There was no official statement on Saturday from Valletta although Malta Today newspaper had published a report about $1.1 billion in counterfeit money seized in Malta on its Facebook site that was no longer available.

“The US commends the Government of the Republic of Malta’s announcement May 26 of its seizure of $1.1 billion of counterfeit Libyan currency printed by Joint Stock Company Goznak — a Russian state-owned company — and ordered by an illegitimate parallel entity,” the State Department said.

“The central bank of Libya headquartered in Tripoli is Libya’s only legitimate central bank,” the US diplomatic arm said in a statement.

“The influx of counterfeit, Russian-printed Libyan currency in recent years has exacerbated Libya’s economic challenges,” it added.

Washington vowed to continue working with the UN and international partners “to deter illicit activities that undermine Libya’s sovereignty and stability,” it added.

Such actions “are inconsistent with internationally recognized sanctions regimes,” the statement said. “This incident once again highlights the need for Russia to cease its malign and destabilizing actions in Libya.”

UN experts issued a report last December to the UN Security Council saying Goznak JSC had delivered between 2016 and 2018 to the parallel central bank in the east of the country the equivalent of some $7.11 billion in Libyan money.

Since Moamer Kadhafi’s regime fell in 2011, Libya has been plunged into chaos.

Two authorities dispute power in Libya: The Government of National Accord of Fayez Al-Sarraj, which is recognised by the UN and based in Tripoli; and a parallel government in the east headed by Khalifa Haftar.

The US military has also said that Russia recently sent warplanes to Libya to support mercenaries on the ground fighting beside Haftar’s forces.