Nissan net jumps, but forecasts 30% drop in profit this year

HONG KONG (MarketWatch) — Japan’s Nissan Motor Co. Tuesday said its net income for the January-March quarter jumped 68% to 137.6 billion yen ($1.32 billion), or 33.7 yen a share, from the year-ago period on improved performance in Europe. Quarterly sales dropped 17% to 2.99 trillion yen. Net income for the year ended March 31 rose 5% to 482.26 billion yen. The auto major forecast a 30% drop in net income for the year ending March 31, 2009 to 340 billion yen, lower than the 368 billion yen expected in a poll of analysts by FactSet, citing high commodity and energy prices as the principal external risks. Vehicle sales are forecast at 3.9 million. Nissan shares ended 3.2% higher in Tokyo, before the results were announced.
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Original post by Forextvblog

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