- Total net loss of 265 billon yen forecast for FY08 -
TOKYO, Feb. 9 /CNW/ - Nissan Motor Co., Ltd., today announced financial
results for the third quarter of fiscal year 2008, ending March 31, 2009, as
well as for the first nine months. In the third quarter, the consolidated net
loss after tax came to 83.2 billion yen (US $0.81 billion, euro 0.55 billion),
compared to net income of 132.2 billion yen (US $1.28 billion, euro 0.87
billion) from the same period a year ago. The loss is driven by the severe
downturn in the global economy in the second half of calendar year 2008 and,
in particular, the negative impact of the strong yen, the sharp decline in
consumer confidence in all major markets and product mix deterioration.
Net revenue was down 34.4% to 1.8165 trillion yen (US $17.65 billion,
euro 12.02 billion). Nissan's operating loss totaled 99.2 billion yen (US
$0.96 billion, euro 0.66 billion). Ordinary loss amounted to 112.7 billion yen
(US $1.1 billion, euro 0.75 billion).
"In every planning scenario we built, our worst assumptions on the state
of the global economy have been met or exceeded, with the continuing grip on
credit and declining consumer confidence being the most damaging factors,"
said Nissan President and CEO Carlos Ghosn. "Looking forward, our priority
remains on protecting our free cash flow and taking swift, adequate and
impactful actions to improve our business performance."
Nissan sold a total of 731,000 vehicles worldwide in the
October-to-December 2008 period, down 18.6%.
In the April-to-December 2008 period, net income after tax totaled 43.2
billion yen (US $0.42 billion, euro 0.29 billion), down 87.5% compared with
the previous year. Net revenue fell 14.7% to 6.6858 trillion yen (US $64.97
billion, euro 44.25 billion). Operating profit totaled 92.5 billion yen (US
$0.9 billion, euro 0.61 billion), down 84.0%. Operating profit margin came to
1.4%. Ordinary profit amounted to 90.0 billion yen (US $0.87 billion, euro 0.6
billion), down 84.0%.
Globally, Nissan sold a total of 2,633,000 vehicles in the first nine
months, down 3.0% compared with last year.
In fiscal year 2008, Nissan will launch a total of eight all-new products
globally. Four new products were introduced in the third quarter: NP200 in
South Africa and KIX mini-SUV, Cube and Fairlady Z in Japan.
Due to the worsening state of the global economy and associated
deterioration in global auto markets, the company has further revised its
forecast for the full fiscal year 2008. Nissan filed the following revised
forecast for the fiscal year ending March 31, 2009, with the Tokyo Stock
- Consolidated net revenues of 8.3 trillion yen (US $80.66 billion,
euro 54.93 billion);
- Operating loss of 180 billion yen (US $1.75 billion, euro 1.19
- Ordinary loss of 190 billion yen (US $1.85 billion, euro
- Net loss of 265 billion yen (US $2.58 billion, euro 1.75 billion).
Notes: Amounts in dollars and euros are translated for the convenience of
the reader at the foreign exchange rates of 102.9 yen/dollar and 151.1
yen/euro, the average rates for the first nine months of the fiscal year
ending March 31, 2009.
For further information:
For further information: Nissan Motor Co., Ltd., Communications CSR
Department, Global Communications CSR and IR Division, Tel:+81-(0)3-5565-2141,