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| Nissan Motor returns to profit of $1.16 bn in Q1 |
| Press Trust of India / Japan/New Delhi Jul 29, 2010, 21:47 IST |
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Japanese auto maker Nissan Motor today said it has swung into a profit of $1.16 billion in the April-June quarter of the year on higher demand of vehicles in Asia.
In the year-ago period, the company had a net loss of $180 million, Nissan said in a statement.
The company's net revenue increased by 35.3 per cent from the year-ago period to $22.28 billion in the first quarter ended June 30, 2010.
"First quarter results for Nissan are good and our recovery is vigorous and ahead of schedule...Despite uncertainty surrounding the ongoing global economic recovery, raw material costs and exchange rate volatility, we are confident to achieve our FY10 forecast," said Nissan President and CEO Carlos Ghosn.
Globally, Nissan sold a total of 9,54,000 vehicles in the first quarter of this fiscal up 32 per cent, compared to the same period last fiscal.
The company's sales recovered globally in the first quarter led by Asia, where revenue jumped by two-fold to $497 million.
Meanwhile, Nissan will introduce nine new products, which include the affordable, 100 per cent electric, zero-emission Nissan LEAF globally during fiscal 2010.
Auto maker also said that it has decided to spin-off its Industrial Machinery Division and establish a new company, "Nissan Forklift Co" with effect from October 1, 2010.
"The aim of this spin-off is to strengthen the division's autonomy and implement a flexible management system to position the forklift business for a sustainable growth, cope with the challenging environment surrounding the forklift industry, as well as establishing an independent entity with clear responsibilities required as an enterprise," the company said.
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