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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Nissan profits surge, annual forecast rises AFP - Thursday, February 10 Send IM Story Print Nissan profits surge, annual forecast rises TOKYO (AFP) - – Japanese auto giant Nissan on Wednesday said its net profit in the fiscal third quarter jumped 78 percent as sales in Asia and China offset weak demand at home and the impact of a strong yen. Unlike its peers Honda and Toyota, Nissan saw third quarter profits rise despite the pressures of softer domestic demand and a strong yen, which makes exports more expensive and erodes repatriated earnings. Both Honda and Toyota saw their profits fall by around 40 percent in the fiscal third quarter. However, Japan's big three automakers have all also raised their annual net profit outlooks due to strong performances in the nine months to December, suggesting the industry is weathering the yen's surge better than expected. Nissan said its net profit in the three months ended December was 80.1 billion yen ($972 million), compared with 45 billion yen in the same period a year earlier. The third quarter figure beat expectations for a 58.5 billion yen profit based on a survey of six analysts compiled by the Nikkei business daily. However, Nissan President and CEO Carlos Ghosn warned of the risk of rising input costs and further volatility in the rate of the yen versus other major currencies in the current quarter. "Though we foresee risks in rising commodity prices and exchange rate volatility in the fourth quarter, we will continue to deliver good results while remaining focused on our strategies to pursue profitable growth." The result comes despite a 20.5 percent plunge in Nissan's Japan sales in the three months to December following the expiration of government subsidies to encourage the purchase of environmentally friendly vehicles. However this was offset by strong demand in Asia, where sales grew 22.1 percent and in China, which saw a 20.4 percent rise in terms of units sold. The automaker, which is roughly 43 percent owned by French automaker Renault, also hiked its annual profit forecast to 315 billion yen, up from a projected 270 billion. It forecasts an operating profit of 535 billion yen and sales of 8.8 trillion, and is assuming that the dollar will average 80.9 yen and the euro 110.2 yen for the fourth quarter. In Tokyo on Wednesday, the dollar fetched 82.40 yen while the euro was at 112.43 yen. Net profit in the nine months to December soared 434.5 percent to 288.4 billion yen, the automaker said in an earnings statement. The automaker aims to launch 10 all-new products globally in the current fiscal year. In December it launched its all-electric Leaf in Japan and the United States, with an eye on beginning sales in several countries in Europe later this year. Nissan shares closed up 2.52 percent in Tokyo ahead of the announcement. Recommend Send IM Story Print Related Articles Inter-Korean talks collapse after North's walkout AFP - 13 minutes ago Korea talks "collapse" in setback for nuclear dialogue Reuters - 1 hour 45 minutes ago Russia to boost defences on Kuril islands: Medvedev AFP - 2 hours 53 minutes ago Taiwan detains general in China spy case AFP - Thursday, February 10 Cambodia, Thailand to face UN over border dispute AFP - Thursday, February 10 News Search Top Stories Fed's Bernanke tackles congressional critics Images show why ancient snakes were out on a limb Nokia 'on a burning platform,' CEO warns in memo Egypt protests mount as US presses Mubarak London, Toronto stock exchanges unveil merger More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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