{"id":3663,"date":"2020-02-14T01:04:09","date_gmt":"2020-02-13T18:04:09","guid":{"rendered":"https:\/\/capitalcambodia.com\/?p=3663"},"modified":"2020-02-15T12:20:37","modified_gmt":"2020-02-15T05:20:37","slug":"nissan-downgrades-forecasts-as-9-month-net-profit-plunges","status":"publish","type":"post","link":"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/","title":{"rendered":"Nissan downgrades forecasts as 9-month net profit plunges"},"content":{"rendered":"

AFP \u2013 <\/strong>Crisis-hit Japanese automaker Nissan said yesterday its net profit plunged more than 87 percent for the nine months to December as it struggles with weak demand and fallout from the arrest of former boss Carlos Ghosn.<\/p>\n

Nissan revised downwards its full-year sales and profit forecasts, but warned that the impact from the spreading coronavirus crisis was not yet included in their figures.<\/p>\n

\u201cLet me express my sincere regrets to shareholders. The company results are weaker than expected,\u201d said Chief Executive Officer Makoto Uchida, who announced there would be no dividend paid.<\/p>\n

Net profit for April-December dropped 87.6 percent to 39.3 billion yen ($358 million), on sales down 12.5 percent at 7.5 trillion yen for the period.<\/p>\n

On a quarterly basis, Nissan suffered a net loss of 26.1 billion yen for the three months to December, the first third-quarter loss in more than a decade.<\/p>\n

The profit decline was mainly due to weak sales in the United States as well as Japan, where the impact of the nation\u2019s sales tax hike hit auto demand, the company said in a statement.<\/p>\n

\u201cNissan is in a very severe situation at a time when competition in the global auto market is further intensifying,\u201d said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm.<\/p>\n

Nissan, which downgraded its annual forecasts three months ago, said its bottom-line profit was now forecast to be 65 billion yen for the fiscal year to March 2020, compared with an earlier estimate of 110 billion yen.<\/p>\n

Full-year sales are estimated at 10.2 trillion yen, down from a previous forecast of 10.6 trillion yen but Uchida said the latest forecast did not include the potential impact of the novel coronavirus.<\/p>\n

\u201cThe market remains tough due in part to the novel coronavirus outbreak,\u201d Uchida told reporters.<\/p>\n

Analysts are weighing the possible impact of the virus on production in China.<\/p>\n

Nissan has already suspended operations at four assembly plants in the country.<\/p>\n

It aims to resume operations at two plants next week, but has not decided whether to extend the closure at the remaining two.<\/p>\n

It was Nissan\u2019s first earnings announcement since Ghosn dramatically jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges.<\/p>\n

Ghosn, who was arrested in November 2018 and spent 130 days in detention, denied all the charges and claimed he was a victim of a plot by Nissan and Japanese officials.<\/p>\n

On Wednesday, Nissan filed a civil lawsuit to reclaim some 10 billion yen from Ghosn for what it called \u201cyears of his misconduct and fraudulent activity\u201d.<\/p>\n

Uchida took the Nissan helm in December as the firm overhauled its leadership after the Ghosn scandal.<\/p>\n

\u201cNissan replaced its leaders but has yet to show a roadmap for revival, and is still making an extra effort to settle the Ghosn case,\u201d Takada said.<\/p>\n

Adding to Nissan\u2019s woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault.<\/p>\n

Ghosn, who created the alliance, wanted greater integration with France\u2019s Renault, and says his push for that prompted angry Nissan executives to plot against him.<\/p>\n

The two firms have made a show of holding the marriage together in the wake of Ghosn\u2019s arrest, but tensions have bubbled to the surface.<\/p>\n

\u201cGhosn had both good and bad aspects, but Ghosn\u2019s leadership was a cornerstone of the alliance and they have yet to find a matching leadership,\u201d Takada said.<\/p>\n

Last week, rival Toyota reported a surge in net profit on record sales for the nine months to December, and upgraded its full-year profit.<\/p>\n

Honda revised up its full-year profit forecasts but warned that the impact from the spreading coronavirus crisis was not yet included in their figures.<\/p>\n

Nissan shares plunged 1.54 percent to 568.5 yen ahead of the third-quarter earnings report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crisis-hit Japanese automaker Nissan said yesterday its net profit plunged more than 87 percent for the nine months to December as it struggles with weak demand and fallout from the arrest of former boss Carlos Ghosn.<\/p>\n","protected":false},"author":3,"featured_media":3685,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_FSMCFIC_featured_image_caption":"Former Nissan chief Carlos Ghosn on a huge TV screen in Tokyo. AFP","_FSMCFIC_featured_image_nocaption":null,"_FSMCFIC_featured_image_hide":null,"footnotes":""},"categories":[3],"tags":[773,64],"yoast_head":"\nNissan downgrades forecasts as 9-month net profit plunges - CapitalCambodia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nissan downgrades forecasts as 9-month net profit plunges - CapitalCambodia\" \/>\n<meta property=\"og:description\" content=\"Crisis-hit Japanese automaker Nissan said yesterday its net profit plunged more than 87 percent for the nine months to December as it struggles with weak demand and fallout from the arrest of former boss Carlos Ghosn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/\" \/>\n<meta property=\"og:site_name\" content=\"CapitalCambodia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/capitalcambodia\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-13T18:04:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-15T05:20:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/capitalcambodia.com\/wp-content\/uploads\/2020\/02\/P11-Capcam-Ghosn-pic.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"885\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ayman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CapitalCambodia\" \/>\n<meta name=\"twitter:site\" content=\"@CapitalCambodia\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ayman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/\"},\"author\":{\"name\":\"Ayman\",\"@id\":\"https:\/\/capitalcambodia.com\/#\/schema\/person\/c642b689e2b2bbdc3cebc0ad1728bc26\"},\"headline\":\"Nissan downgrades forecasts as 9-month net profit plunges\",\"datePublished\":\"2020-02-13T18:04:09+00:00\",\"dateModified\":\"2020-02-15T05:20:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/\"},\"wordCount\":622,\"publisher\":{\"@id\":\"https:\/\/capitalcambodia.com\/#organization\"},\"keywords\":[\"Carlos Ghosn\",\"Nissan\"],\"articleSection\":[\"Growth\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/\",\"url\":\"https:\/\/capitalcambodia.com\/nissan-downgrades-forecasts-as-9-month-net-profit-plunges\/\",\"name\":\"Nissan downgrades forecasts as 9-month net profit plunges - 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