Tags: APFN | AS | Japan | Earns | Nissan

Nissan Profits Plunge on Slumping Sales, Rising Costs

Thursday, 26 July 2018 04:39 AM

TOKYO (AP) — Nissan Motor Co. says its profits plunged 14 percent in the latest quarter as U.S. and European sales fell sharply and raw material costs rose.

The Japanese automaker announced Thursday that net profit in the April-June quarter fell to 115.8 billion yen ($1.05 billion), down from 134.9 billion yen in the same period last year.

Sales fell 1.6 percent globally to 2.72 trillion yen ($24.6 billion).

Vehicles sales slumped 9.5 percent in the U.S. to 365,000 units, and fell 12.7 percent in Europe to 162,000 units. Those declines were partially offset by a 6.9 percent rise in sales in China to 336,000 units.

The Yokohama-based company said exchange rate movements also hurt its financial results.

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Nissan Motor Co. says its profits plunged 14 percent in the latest quarter as U.S. and European sales fell sharply and raw material costs rose.The Japanese automaker announced Thursday that net profit in the April-June quarter fell to 115.8 billion yen ($1.05 billion), down...
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2018-39-26
Thursday, 26 July 2018 04:39 AM
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