Nissan forecast profit will more than triple this fiscal year

Article by Christian Andrei, on August 27, 2010

As the demand recovers in North America and with its sales rising in China, Nissan Motor Co. predicts that its profit will more than triple this fiscal year. In a statement, Nissan said that net income could be raised to 150 billion yen ($1.6 billion) for the year ending March 31, compared to 42.4 billion yen a year earlier. Sales could increase to 8.2 trillion yen from 7.5 trillion yen.

Nissan's sales in China are predicted to rise by 14% this fiscal year, while North American deliveries may rise 13% to 1.2 million as the region recovers from a recession.

Nissan forecast of a higher profit is similar to what Toyota Motor Corp. and Honda Motor Co. have done. Yoshihiro Okumura, of Chiba-gin Asset Management Co. in Tokyo, thinks that the full-year profit plan appears to be a bit conservative. He added that Nissan expects a net income of about 200 billion yen.

As the demand rose industrywide for the sixth straight month, Nissan also saw its US sales go up by 35% last April. In an interview, Nissan President and CEO Carlos Ghosn said that US vehicle sales could total 12 million this year, up from 10.4 million last year. [via autonews - sub. required]

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