The Kansas City Federal Reserve announced Friday the annual Jackson Hole symposium will be held virtually, a reversal from prior plans that saw a modified, in-person program…
Nissan cuts its net revenue in the fourth quarter by 32%
Japanese car Nissan Motor Co. cut net its income up 32% in the fourth quarter of the fiscal year ending March 31, to about 168.8 billion yen from 249 billion yen in the same period of 2017.
Besides this, the forecasts of its financial indicators for this year turned out to be weaker than market expectations.
Nissan informed that quarterly revenue dived by 0.9% hitting 3.4 trillion yen.
The adverse impact on the outcomes of the previous financial year was worsened by the increased production costs as a result of illegal inspections and also group claims in the USA in connection with the use of defective Takata airbags in Nissan vehicles.
Simultaneously, tax reform in the United States helped Nissan to ramped up its annual net revenue by 12.6% to about 746.9 billion yen.
In 2017, net sales of Nissan rallied by 2% from 11.72 trillion to 11.95 trillion yen. Operating revenue dived 22.6% reaching 574.8 billion yen, while operating revenue margin slumped by 1.5% to 4.8%.
The consensus forecast of analysts surveyed by Bloomberg agency for annual net revenue accounted for 727.16 billion yen.
Global car maker’s sales for the year rallied by 2.6%, being worth 5.77 million vehicles, thus setting a new record. The company actually expected to have 5.78 million vehicles sold per year.
In Japan, sales of Nissan jumped by 4.8% - up to 584 thousand vehicles.
The sales of Nissan cars in Europe without Russia headed south by 4.6%, to 652 thousand, due to the weakness of the British market as well as increased competition in the crossovers segment.
Meanwhile, in Russia, the Japanese company ramped up sales by nearly 12% to 105 thousand vehicles.
This year Nissan actually expects a reduction in net revenue by one-third to 500 billion yen and operating revenue by 6.1%, to 540 billion yen.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
IMF downgraded its projections for the Euro Area. Economists predict that the EU will get back to the pre-pandemic levels only by the end of 2022.
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