Nissan's Ghosn aims for 'neutral' currency impact
Nissan Motor Co, Japan's third- largest automaker, aims for a "neutral" impact from currency fluctuations, Chief Executive Officer Carlos Ghosn said yesterday.
"I'm concerned about fluctuations in currency giving an artificial advantage or disadvantage," Ghosn said at the Tokyo Motor Show.
Nissan's profit probably fell for a fourth straight quarter, hurt by a slump in domestic sales according to the median estimate by four analysts surveyed by Bloomberg. A drop in the yen against the dollar last year helped cushion earnings at the Tokyo-based carmaker by increasing the value of overseas sales.
Nissan expects domestic sales will fall 5.4 percent to 700,000 vehicles for the year ending March 31. Toyota Motor Corp. and Honda Motor Co are cutting their domestic forecasts, citing weaker auto demand in Japan. Vehicle sales in Japan dropped 7.6 percent to 4.13 million units in the first nine months of this year, according to the Japan Automobile Dealers Association.
"Everyone is down this year in Japan," said Ghosn.
Nissan's fiscal second-quarter net income probably fell 29 percent to 116.7 billion yen ($1 billion) from 164 billion yen a year earlier, according to analysts surveyed by Bloomberg. Nissan will report earnings tomorrow.
Nissan shares rose 0.4 percent to 1,106 yen as of 10:52 am in Tokyo.
Bloomberg News
(China Daily 10/25/2007 page16)
