TOKYO: Nissan Motor slashed its annual operating profit estimate by 14.5 per cent on Friday (Apr 19) citing lower-than-expected vehicle sales and other factors.
Japan’s third-largest automaker by volume now estimates an operating profit of ¥530 billion (US$3.43 billion) instead of ¥620 billion for the year that ended in March. Net profit is now estimated at ¥370 billion instead of ¥390 billion.
Nissan said its vehicle sales would total 3.44 million vehicles for the year, lowering its estimate just two months after a revision down to 3.55 million units.
Chief Executive Officer Makoto Uchida told a press conference that weaker sales in China and the impact from the New Year’s Day earthquake on Noto peninsula led to the lowered estimate.
