Nissan profits up 3.2% despite tough quarter

TOKYO: Japanese car giant Nissan on Wednesday (8 February 2012) said its third quarter profits rose 3.2% year-on-year as solid global sales offset the strong yen.

The company said it made ¥82.67 billion in the three months to December in a quarter dominated for automakers by the high Japanese currency and flooding in Thailand that hit production lines.

The company reported its sales grew 11% to ¥2.33 trillion in the third quarter, up from ¥2.10 trillion a year earlier.

Nissan's result provide a stark contrast with those of Toyota and Honda, which reported weaker profits for the quarter.

"Significant external headwinds such as the abnormally strong yen and floods in Thailand challenged us during the third quarter," Nissan president and CEO Carlos Ghosn said in a statement.

"Nissan responded decisively to these challenges," he said. "I am confident that Nissan will deliver the full-year profitability targets." Nissan kept its full-year net profit forecast at ¥290 billion and its sales outlook at ¥9.45 trillion.

Source: AFP