Nissan half year results ‘better than expected’
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Japanese car maker Nissan announced what it described as better than expected half year financial results today (4 November) and put the upturn down to the scrappage schemes operating in major markets.
Nissan, whose UK factory in Sunderland (pictured) is reckoned to be Europe's most efficient, announced that in the six months through September, net income after taxes totalled 9 billion yen (£55m), down 92.9% compared with the same period last year. The better-than-expected results were due mainly to scrapping incentives in major markets, sales volume growth in China and the effective execution of the company's recovery plan, Nissan said.
Net revenues were 3.3834 trillion yen (£21.5bn) in the April-to-September period, down 30.5% compared with a year ago. Operating profit was 94.9 billion yen (£603m), down 50.5%. In the first half, Nissan sold 1,623,000 vehicles worldwide, down 14.6% compared with last year.
"We continue to operate in an environment that is volatile and uncertain," said Nissan CEO Carlos Ghosn. "Our performance in the first half of fiscal 2009 is encouraging, demonstrating that Nissan's recovery plan is on track. Our outlook will remain cautious until we see evidence that economic recovery can be sustained in world markets."
In fiscal year 2009, Nissan will launch globally eight all-new products. The second half will feature five introductions: Patrol in the Middle East; Fuga and Roox minicar in Japan; a new global compact car in Asia; and the 370Z convertible in the United States. The company has revised upward its full fiscal-year forecast for 2009.
