Nissan Motor Co stated on Thursday it swung to a revenue within the fourth quarter, as value cuts and a sliding yen helped the Japanese automaker cushion the influence of rising materials prices and diminished output resulting from provide chain disruption.
Nissan reported a 56 billion yen ($433 million) working revenue for the quarter ended on March 31, beating a mean 38.3 billion yen revenue forecast from eight analysts polled by Refinitiv.
It reported an working lack of 19 billion yen in the identical interval a 12 months earlier. Japan’s third-largest carmaker estimated working revenue this fiscal 12 months will rise to 250 billion yen, beneath the 318.5 billion yen imply estimate from 19 analysts polled by Refinitiv.
Like different automakers, Nissan faces the double problem of rising materials prices and provide chain disruptions worsened by COVID-19 lockdowns in China.It expects the market atmosphere for the present enterprise 12 months to be “more severe” than the final fiscal 12 months for these causes, in addition to the disaster in Ukraine, it stated in a press release.
Its larger rival, Toyota Motor, warned on Wednesday “unprecedented” hikes in uncooked materials prices may slice a fifth off full-year revenue.
Nissan stated beforehand the world semiconductor scarcity triggered its international manufacturing to fall for a fourth consecutive enterprise 12 months, with the most recent decline being 11% drop 12 months on 12 months.
Source: www.financialexpress.com”