Nissan expects 670-billion-yen annual net loss due to pandemic

Tokyo - Nissan Motor forecasts a net loss of 670 billion yen (6.35 billion dollars) for the current financial year due to slumping sales amid the coronavirus pandemic, the company said on Tuesday.

Nissan, the alliance partner of Renault, also predicts an operating loss of 470 billion yen for the year through March 2021, while expecting annual sales to fall 21 per cent from the previous financial year to 7.8 trillion yen.
Nissan posted a net loss of 285.6 billion yen for the April-to-June quarter, compared with a net profit of 6.4 billion yen in the same period last year.
The carmaker also booked an operating loss of 153.9 billion yen for the April-to-June period, while sales were down 50.5 per cent to 1.17 trillion yen.
“To limit the spread of Covid-19, the company suspended production at manufacturing sites around the world,” the company said in a statement.
“Nissan’s plants have since resumed operations, but face reduced utilization of their capacity due to lower sales. The company’s performance continues to be impacted by the challenging business climate,” it added.


Wednesday, July 29th 2020

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