Tuesday, April 20

Nissan reports 70% second quarter profit slump, misses estimates

FILE PHOTO: Nissan logo is seen in Tokyo Motor Show in Tokyo, Japan October 24, 2019. REUTERS/Soe Zeya Tun

YOKOHAMA (Reuters) – Nissan Motor Co Ltd (7201.T) on Tuesday reported a 70.4% fall in operating profit in the second quarter as the Japanese automaker continued to struggle with falling sales as it tries to recover from a scandal surrounding ousted Chairman Carlos Ghosn.

Profit at Japan’s second-biggest automaker by sales came in at 30 billion yen ($274.98 million) during the July-September period versus 101.2 billion yen a year earlier. The result compared with a mean forecast of 47.48 billion yen from nine analyst estimates compiled by Refinitiv.

Nissan, whose financial performance has been in the doldrums for nearly two years, cut its forecast for operating profit to tumble to 150 billion yen in the year through March 2020, from a previous forecast for 230 billion yen.

Reporting by Naomi Tajitsu; Editing by Christopher Cushing

Our Standards:The Thomson Reuters Trust Principles.

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