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Nissan’s net income drops 73%; slashes profit outlook

Nissan’s net income drops 73%; slashes profit outlook

Mubasher: Nissan said on Tuesday that its net profit dropped by 73.45% year-on-year in its second quarter of 2019, due to a sales fall and a strong Japanese yen (JPY), according to the company’s financial results.

Japan’s second biggest car maker by sales generated JPY 65.37 billion ($599.56 million) in net income in the period between July and September, compared with JPY 246.26 billion in the same period last year.

The company’s operating income totalled JPY 29 billion, down from 101.19 billion a year ago.

Nissan generated JPY 2.63 trillion in its second quarter, compared with JPY 2.82 trillion in the same quarter of last year.

Nissan downgraded its full-year operating income forecast by 35% to JPY 150 billion, while it expected global retail sales to be 5.2 million vehicles, compared with a previous forecast of 5.5 million.