NSANY Nissan Motor Company Ltd (PK)

By Kosaku Narioka

Nissan Motor Co. said Wednesday that its second-quarter net profit fell 68% from a year earlier due partly to losses related to its exit from Russia, despite stronger underlying earnings.

The Japanese auto maker said net profit for the quarter ended Sept. 30 fell to 17.36 billion yen ($119.2 million) from Y54.115 billion a year earlier. That missed the estimate of Y64.675 billion from a poll of analysts by Quick.

Nissan booked one-off losses of Y24.1 billion in its second quarter as a result of its exit from the Russian market.

Second-quarter revenue increased 30% from a year earlier to Y2.525 trillion. Operating profit increased 45% to Y91.70 billion, thanks to gains in operations for North America and Asia, excluding Japan.

Nissan cut its auto sales forecast for the fiscal year, citing a shortage of semiconductors and supply-chain issues. It expects to sell 3.7 million vehicles globally, compared with its previous view of 4.0 million vehicles.

Nissan raised its revenue and net-profit forecasts this fiscal year, citing a weaker yen and improvement in earnings per vehicle sold. It expects revenue to increase 29% to Y10.900 trillion, compared with the previous forecast of a 19% rise, while it expects net profit to drop 28% to Y155.00 billion, compared with the previous view of a 30% decrease.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

November 09, 2022 03:03 ET (08:03 GMT)

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