Nissan flags drop in profit, with its weakest earnings in 11 years

Yokohama — Nissan Motor has forecast a 28% plunge in its annual operating profit, setting it up for the weakest earnings in 11 years and underscoring its struggle to turn the page after the ouster of former chair Carlos Ghosn.

“Today we have hit rock bottom,” Saikawa told a news conference at the company’s headquarters in Yokohama on Tuesday. “We would like to recover to our original performance level in two to three years.” Sluggish profitability would likely result in a 30% cut to full-year dividend to ¥40 per share, Nissan said.The biggest blow to Nissan’s bottom line has come from the costly sales incentives in the US, where its sales fell 9.3% to 1.44-million units in the year ended March 31.

Earlier in the day, Tokyo prosecutors filed a request to revise their indictment against Ghosn, providing more details on alleged cash transfers involving the former executive and a Saudi friend.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nissan opposes Renault’s bid for a mergerTalks have been continuing since Renault chair Jean-Dominique Senard first made an informal proposal to Nissan CEO Hiroto Saikawa in April
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: Ghosn’s Successor Tied to Short Leash as Nissan Profit PlummetsCarlos Ghosn’s arrest threw Nissan Motor Co. into a corporate tailspin with allegations of self-dealing, profligate spending and filing false statements. Now the automaker’s profits are falling off a cliff, and successor Hiroto Saikawa may go down with them.
Source: dailymaverick - 🏆 3. / 84 Read more »