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

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Nissan forecasts a 28% drop in profit this year due to the Carlos Ghosn scandal continuing to weigh on results, and sluggish US sales

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.

 

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