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Nissan slashes annual profit forecast by 15%

  • AFP, Tokyo
  • Updated: Nov 01, 2013 12:39 IST

Nissan on Friday slashed its full-year profit forecast as the Japanese automaker warned of a sluggish European market and costs tied to vehicle recalls, while separately announcing a management shuffle.

The firm said it now expected to earn 355 billion yen ($3.62 billion) in the year to March, down from an earlier 420 billion yen forecast, while its half-year profit rose 6.5% from a year ago.

Nissan said that sales in the half-year period jumped 14.7% to 5.21 trillion yen, while it earned a net profit of 189.8 billion yen.

"Nissan's results reflect improved demand for our new products in Japan and the Americas," chief executive Carlos Ghosn said in a statement.

"This was offset by difficult conditions in Europe, volatile demand in several emerging markets and higher expenses related to recalls."

The company also announced "a number of organisational changes designed to enhance Nissan's performance".

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