Nissan Motor Returning To Profit
Nissan Motor Co., Japan's third largest car-maker on Tuesday reported a homecoming to profitability in the October-December quarter. This profit has come up following the cost-cutting and sales growth in China. A net profit of Y45.00 billion in the three months ended Dec. 31 was posted. This is an improvement for the company from a net loss of Y83.16 billion in the same quarter the previous year.
After an earlier loss, government incentives that boosted demand for the company's vehicles in China and Japan were credited for the profit. In the year ending on 31st march, the net income according to the statement coming today from Yokohama, where Nissan is predicted to be 35 billion yen ($391 million).
Nissan President and Chief Executive Officer Carlos Ghosn said, "Our performance in the third quarter of fiscal 2009 is encouraging, demonstrating that our countermeasures are working".
Sales for the carmaker Nissan increased 9.9% to Y1.996 trillion from Y1.816 trillion during the ending quarter and the operating profit reached Y134.07 billion. A net loss of 233.7 billion yen was posted by the company for the fiscal year ended March 31, 2009.
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