Profit of the Japanese automobile group Nissan almost tripled between April and December – Observer

Nissan’s profits almost tripled between April and December, compared to the same period in 2022, the Japanese car manufacturer announced this Thursday.

According to the financial results, the company based in Yokohama, central Japan, achieved a net profit of 325.4 billion yen (2.03 billion euros) in the last three quarters, a 183% rise in homologous terms.

Like most Japanese companies, Nissan’s current fiscal year runs from April 1, 2023 to March 1, 2024.

The car manufacturer justified the increase in profits with a recovery in sales and favorable exchange rates.

The devaluation of the Japanese currency, the yen, against the US dollar, favors large exporting groups, making products more competitive abroad and increasing profits obtained abroad.

Nissan’s turnover increased by 22.3% to 9.17 billion yen (57.2 billion euros) in the period between April and December.

The company sold 2.44 million cars in the first nine months of 2023, 1.2% more than in the same period of the previous year, mainly due to a 29.7% increase in sales in North America.

The Japanese manufacturer’s operating profit amounted to 478.4 billion yen (2.98 billion euros), 65% more than between April and December 2022.

Still, Nissan revised its forecast downwards for automobile sales for the current fiscal year, from 3.7 million to 3.55 million, due to “temporary logistics problems and intensification of competition”.

But the company maintained its forecast of a 75.8% increase in profits, to 390 billion yen (2.43 billion euros), and a 22.7% increase in sales, to 13 billion yen. (81.1 billion euros) in the current fiscal year.

In January, Nissan announced an investment of 2.8 billion reais (522.2 million euros) in car manufacturing in Brazil.