Nissan’s profit down 15pc

AFP, 26 July 2012

Nissan on Thursday posted a 15 per cent drop in quarterly profit as a strong yen and weak European market dented earnings, but Japan’s second-biggest automaker said its full-year forecast was on track.
Nissan, part-owned by France’s Renault, has announced plans to release 10 new products globally over the year as it locks horns with global heavyweights General Motors, Toyota and Volkswagen.
But Japan’s automakers have been hit hard by the value of the yen, which remains near record highs reached last year against the dollar, making their vehicles relatively more expensive overseas and shrinking foreign income.
On Thursday, Nissan said its business in the debt-hit European market took a beating, with sales down 1.7 per cent.