Nissan increases net profit fourfold

Nissan Motor announced that its net profit for the April-September 2023 period increased fourfold compared to the previous year, rising to 296.2 billion yen (1.95 billion dollars).

In the Japanese manufacturer's statement, Nissan's balance sheets for the first half of the 2023 fiscal year and its comprehensive expectations for the current fiscal year, which will end in March 2024, were announced.

Accordingly, the Yokohama-based company's net profit for April-September 2023 rose to 296.2 billion yen (1.95 billion dollars), a fourfold increase compared to the same period of the previous year.

During the 6-month period, in which sales revenue increased by 30.1 percent to 6.06 trillion yen (39.5 billion dollars), operating profit doubled to 336.7 billion yen (2.22 billion dollars).

Driven by the increase in domestic, European, and North American sales, Nissan's global vehicle sales rose by 3.3 percent to 1.62 million units during the fiscal half-year.

MESSAGE ON CHINA

The rapid shift toward electric vehicles in the Chinese market and the competition in the domestic market were noted for their negative impact on sales in China.

In his statement, Nissan President Makoto Uchida said, "We hope to achieve growth and progress in the challenging Chinese market by implementing our plans quickly and reliably and improving our performance."

FISCAL YEAR EXPECTATIONS

Nissan has revised its comprehensive expectations for the 2023 fiscal year, which will end in March 2024, upwards.

The Japanese company, which targets 13 trillion yen (85.7 billion dollars) in sales revenue, expects an operating profit of 620 billion yen (4 billion dollars) and a net profit of 390 billion yen (2.57 billion dollars).

It was noted that the global vehicle sales target for the fiscal year has been maintained at 3.7 million units.