Nissan warns profit growth set to stall this year

TOKYO: Nissan warned that profit growth would stall this year after its latest annual net profit rose more than a quarter to $5.82 billion, largely due to the sale of its stake in an auto parts supplier.
The downbeat forecast comes a day after Japanese rival Toyota posted its first drop in annual net profit for five years, as a forecasted pick-up in the yen and pricey customer incentives in the US market dent its bottom line.
Altima sedan maker Nissan posted a net profit of 663.5 billion yen ($5.82 billion) in the fiscal year to March, up nearly 27 per cent from a year earlier.
The jump was driven by gains from the sale of its non-controlling ownership stake in Calsonic Kansei, which makes vehicle interiors, climate control systems, compressors, exhaust systems and electronics.
Also, Nissan said its latest operating profit fell 6.4 per cent while revenue edged down 3.9 per cent to 11.72 trillion yen, blaming on a stronger yen.
For the current year to March 2018, Nissan said net profit would fall 19.4 per cent to 535 billion yen. — AFP