Nissan Motor 9-month Profit Dips

Japanese carmaker Nissan Motor Co. Ltd. (NSANF.PK,NSANY.PK) reported Thursday a significant decline in its net income for nine months, with a double-digit decrease in revenues.

The Group's net income attributable to owners of the parent fell 87.6 percent to 39.3 billion yen from 316.7 billion yen last year. Operating profit slid 82.7 percent to 54.3 billion yen.

For the nine-month period, Nissan's revenues decreased by 12.5 percent to 7.507 trillion yen. The Group's global unit sales decreased 8.1 percent to 3.70 million units during the period.

Looking ahead to the full fiscal year, the Group now forecast attributable net income of 65 billion yen, operating profit of 85 billion yen, and revenues of 10.2 trillion yen, compared to earlier projections of 110 billion yen, 150 billion yen and 10.6 trillion yen respectively.

In a separate communique on February 12, Nissan Motor said it filed a civil lawsuit against its former Chairman Carlos Ghosn, seeking 10 billion yen in damages over his misconduct and fraudulent activities over the years. Nissan revealed that the claim for damages has been calculated on the basis of costs incurred by the company due to Ghosn and his corrupt practices over many years.

However, the Japanese car maker noted, the size of the damages claim might increase in future as it seeks to recover fines to be paid to the Japanese Financial Services Agency and likely penalties imposed on the company in criminal proceedings related to Ghosn's misconduct.

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