Nissan’s 3Q profit up 3.2% on healthier sales
From Freep.com – Nissan‘s quarterly profit rose 3.2% on healthier sales that offset production damage from flooding in Thailand and a battering from the strong yen.
Yokohama-based Nissan on Wednesday reported October-December third-quarter profit of 82.7 billion yen ($1.07 billion), up from 80.1 billion yen a year earlier.
The Japanese automaker allied with Renault of France sold 1.2 million vehicles worldwide during the quarter, an increase of 19.5% compared with the last three months of 2010.
Quarterly sales surged 10.9% to 2.331 trillion yen ($30.3 billion).
“Significant external headwinds, such as the abnormally strong yen and floods in Thailand, challenged us,” said Nissan President and CEO Carlos Ghosn.
“Nissan responded decisively to these challenges, boosted by the strength of our product,” he said.
Nissan, which makes the March subcompact and Infiniti luxury models, kept its profit forecast for the fiscal year through March 2012 unchanged at 290 billion yen ($3.8 billion).
Nissan also makes the Leaf electric vehicle, which it said was the best-selling electric vehicle ever, having sold 22,000 Leaf cars worldwide last year.
Nissan plans to start selling the Leaf in more places, including Europe this year.
The automaker said the dollar was trading at about 77 yen during the latest quarter, plunging dramatically from 83 yen the previous year. A strong yen erodes earnings from Japanese products sold overseas.
The past year has been a challenge for all Japanese automakers after key suppliers were shut down by the March 11 earthquake and tsunami in northeastern Japan.
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