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Nissan Motor 9-Month Net Profit Climbs, Operating Profit Down; Revises FY View

Nissan Motor Co. (NSANF.PK,NSANY.PK) reported Thursday that its nine-month net income reached 578.1 billion Japanese yen, up 39.6 percent from last year's 414.2 billion yen, as the reduction in operating profit was more than offset by increased net non-operating income and the favorable impact of U.S. tax reform.

Nissan generated an operating profit of 364.2 billion yen, down 27.6 percent from 503.2 billion yen a year ago.

During the period, the company's performance was adversely impacted by special items related to the final vehicle inspection issue in Japan, along with slowing sales growth, negative pricing trends and inventory adjustments in the U.S. market.

Net revenues increased 3.2 percent to 8.53 trillion yen from 8.26 trillion yen last year.

For the nine-month period, Nissan's global unit sales were 4.109 million units, an increase of 2.9% over the same period of fiscal year 2016.

Further, the company revised its fiscal year outlook.

Net income is now expected to be 705 billion yen, higher than previous estimate of 535 billion yen. Operating profit is now expected to be 565 billion yen, lower than previous forecast of 645 billion yen.

Further, the company continues to expect net revenues of 11.8 trillion yen. It expects to sell 5.78 million units in fiscal 2017.

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