Nissan announced a net loss of 83.2 billion yen in the third quarter of 2008
The total net loss is expected to reach 265 billion yen for fiscal 2008.
Nissan Motor Co., Ltd.., Today announced its financial results for the third quarter of fiscal 2008 ending on March 31, 2009 and the results of the first 9 months. In the third quarter, the consolidated net loss after tax amounted to 83.2 billion yen (U.S. $ 0.81 billion, euro 0.55 billion), based on a net income of 132.2 billion yen (1 USD 28 billion, euro 0.87 billion) for the same period of the year last. This loss is due to the slowdown of the global economy in the second half of 2008 and in particular to the negative impact of the exchange rate of the yen, the sharp decline in consumer confidence in the totality of the major steps and deterioration product mix.
The net sales was down by 34.4% to 1,816 billion yen (U.S. $ 17.65 billion, 12.02 billion euros). Nissan's operating result was a loss of 99.2 billion yen (U.S. $ 0.96 billion, euro 0.66 billion) and the current result in a loss of 112.7 billion yen (1.1 billion USD, EUR 0.75 billion).
"In all scenarios we forecast scaffolded, our most pessimistic assumptions were met or exceeded," stated Carlos Ghosn, President and CEO of Nissan. "The most disadvantageous factors are the credit crunch and declining consumer confidence," he was precise. "In the future, our priority remains the protection of our available cash and taking reactive measures, adapted and efficient TO IMPROVE our performance."
Nissan sold 731,000 vehicles worldwide during the period October to December 2008, a decrease of 18.6%.
In the period between April and December 2008, the net income after taxes was 43.2 billion yen (U.S. $ 0.42 billion, 0.29 billion euros), down 87.5% compared to the previous year '. The net sales has contracted 14.7% in 6685 billion yen (U.S. $ 64.97 billion, 44.25 billion euros). The operating result was 92.5 billion yen (U.S. $ 0.9 billion, 0.61 billion euros), a decrease of 84.0%. The operating margin rose to 1.4%. Ordinary profit amounted to 90.0 billion yen (U.S. $ 0.87 billion, € 0.6 billion), down 84.0%.
On a global scale, Nissan sold 2,633,000 vehicles in the first nine months, a decrease of 3.0% over the last year.
During fiscal year 2008, Nissan will launch a total of 8 new products entirely globally. Four new products were launched during the third quarter. This is the NP200 in South Africa and KIX mini SUV, Cube and Fairlady Z in Japan.
Given the worsening global economic situation and the resulting deterioration of motor steps on an international scale, the company has revised its forecast for the full year 2008. Nissan has filed with the Tokyo Stock Exchange rectified the following predictions for the year ended 31 March 2009:
- Consolidated net sales of 8,300 billion yen (U.S. $ 80.66 billion, euro 54.93 billion);
- Which displays the operating loss of 180 billion yen Result (USD 1.75 billion, euro 1.19 billion);
- Current result which shows a loss of 190 billion yen (U.S. $ 1.85 billion, euro 1.26 billion); and
- Net loss of 265 billion yen (U.S. $ 2.58 billion, euro 1.75 billion).
Note: Amounts in dollars (USD) and euros are given for information only based on the following exchange rate: 102.9 yen / dollar and 151.1 yen / euro, the average rates corresponding either to the first nine months of year ended 31 March 2009.
