Nissan Motor Co., Ltd., today announced a net loss after tax of 16.5 billion yen (US $170 million, euro 120 million) in the first quarter of fiscal year 2009, ending March 31, 2010, compared to net income of 52.8 billion yen (US $540 million, euro 400 million) from the same period a year ago.

Net revenue fell 35.5% to 1.5148 trillion yen (US $15.55 billion, euro 11.42 billion). Nissan's operating profit totaled 11.6 billion yen (US $120 million, euro 90 million), down 85.5%, while the ordinary loss amounted to 26.1 billion yen (US $270 million, euro 200 million).

"2009 continues to be a tough year, but we are beginning to see positive results from the measures taken under our Recovery Plan," said Nissan President and CEO Carlos Ghosn. "We are on track towards positive free cash flow for FY2009 and will remain cautious in our outlook for the rest of the year."

Globally, Nissan sold a total of 723,000 vehicles in the April-to-June period, down 22.8% compared to same period in 2008. In North America, sales were 225,000 units, down 31.6%. Sales in the United States were 173,000 units, down 31.5% in a market that continues to decline. In Japan, sales were 116,000 units, down by 21.6%. European sales were 118,000 units, down 24.6%. China continues to demonstrate growth with sales up by 9.3% at 145,000 units. Sales in other regions were down 29.8% to 119,000 units.

The first quarter saw the launch of three products - Pixo in Europe, NV200 in Japan and G37 convertible in the United States. In fiscal 2009, Nissan will launch a total of eight all-new products globally.

"Despite the global financial and economic crisis, Nissan is poised to embark on a new chapter of growth and innovation," added Ghosn. "In August, we will move to our new Nissan Global Headquarters in Yokohama after more than 40 years, celebrating our company's return to its birthplace. In addition, we will reveal the all-electric vehicle that will spearhead our vision for mass-market zero-emission mobility."

Nissan's forecast remains unchanged for the full fiscal year with operating loss of 100 billion yen (US $1.05 billion, euro 800 million*) and net loss of 170 billion yen (US $1.79 billion, euro 1.36 billion*).

Courtesy: Nissan Motor Co. Ltd

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Posted by Naresh Koshti on 29 July, 2009 2:17:01 PM IST #