Nissan profits hit 'rock bottom' as Ghosn weighs

Crisis-hit Japanese car company Nissan on Tuesday unveiled net profits at a near-decade low as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn.

Net profits for the fiscal year to March 2019 came in at 319 billion yen (USD 2.9 billion), the lowest since 2009/10 when the company was struggling in the wake of the global financial crisis.

It was a decline of 57 per cent compared to the previous fiscal year and the profit outlook for the current fiscal year was forecast to be even worse -- at 170 billion yen.

"The performance is a challenging one and we want to change this," Chief Executive Officer Hiroto Saikawa told reporters.

Tuesday's figures represented a "rock bottom" for the company, he said, adding: "Please give us time to recover."
But he brushed off calls for his resignation saying he wanted to launch a fresh start for the firm and would discuss the timing of his stepping down "at the appropriate time."
A spokesman for Renault contacted by AFP said the figures were "regrettable". "What is bad for Nissan is bad for Renault and vice-versa. And these results are not good news for the Alliance. These results reinforce the idea that we need changes," the spokesman said. "Joining forces is necessary to fight our competition which is not waiting around for us."