7/28, 10:08 AM (Source: TeleTrader)
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Nissan Q1 revenue down 51% YoY to ¥1.17T

Nissan Motor Co. Ltd. reported on Tuesday its revenue in the first fiscal quarter of 2020 dropped 51% per annum to ¥1.17 trillion ($11.12 billion). Operating profit tumbled to ¥153.9 billion ($1.46 billion), with the operating margin now standing at a negative 13.1%. Net loss during the three month period was at ¥285.6 billion ($2.70 billion), down from a gain of ¥6.4 billion ($60.61 million) last year.

The automaker said its global sales slid 47.7% compared to the prior year 643,000 vehicles, with its global market share decreasing 0.3 points from a year earlier to 5.2%. Nissan stated that its global retail volume is expected to decline 16.3% to 4.125 million vehicles for the full fiscal year. Net revenue is predicted to land at ¥7.80 trillion ($73.86 billion) and the net loss at ¥670 billion ($6.34 billion).

"In the first quarter of the fiscal year, global industrywide auto sales fell by almost half amid the COVID-19 pandemic, impacting Nissan's sales significantly. To limit the spread of COVID-19, the company suspended production at manufacturing sites around the world. Nissan's plants have since resumed operations but face reduced utilization of their capacity due to lower sales. The company's performance continues to be impacted by the challenging business climate," the company said in the press release.

Breaking the News / MD