Nissan Motor Co., Ltd., today announced record operating profits of 825 billion yen (US $7.29 billion, euro 6.29 billion), up 11.9% for the fiscal year ended March 31, 2004. The operating profit margin came to 11.1%, reaffirming Nissan's position as one of the most profitable automakers in the world. Despite a negative foreign exchange rate outlook, operating profits for fiscal year 2004 are forecast to continue to grow to a new record level. President and CEO Carlos Ghosn also unveiled highlights of NISSAN Value-Up, the three-year business plan that will follow NISSAN 180 in April 2005. "NISSAN 180 propelled us to the top performance rank of the world's automakers. NISSAN Value-Up will broaden and strengthen that position," said Ghosn.
Financial results for the first half of the fiscal year ended September 30, 2003 are in line with the preliminary financial results announced on October 16, 2003.Nissan's first half performance represents the seventh consecutive half of record operating profit. The results achieved halfway into NISSAN 180 are attributed to a combination of higher volumes from attractive new products and lower costs.Nissan's global vehicle sales of passenger cars and light commercial vehicles for first half of fiscal year 2003 reached 1,467,000 units, up 5.9%. Consolidated net sales came to 3,556.2 billion, an increase of 8.2%. Consolidated operating profit rose 15.2% to 401.1 billion yen, representing 11.3% of sales compared to 10.6% for the first half of fiscal year 2002. Consolidated net income after tax was 237.7 billion, down 17.4% from the same period in fiscal year 2002. Factors affecting net income include the payment of higher current taxes as the company returns to normal taxation in Japan and the one-time gain from the sale of the Murayama Plant in the first half of fiscal year 2002.Full-year revenues are expected to reach 7.45 trillion yen and operating profits to be 820 billion yen. The operating margin is projected to be 11%. Net profit after tax is expected to be 495 billion yen. The forecast for the second half has been revised with the assumption that the dollar will be at 110 yen and that the euro would remain at 125 yen.
Nissan Motor Company today announced it expects to report an 11.3% operating profit margin for the first half of fiscal year 2003 and a 15.2% increase in operating profits, to 401.1 billion yen (US $3.40 billion, euro 3.05 billion). At the midpoint of NISSAN 180, Nissan's three-year business plan, record operating profits are attributed to a combination of higher volumes from new products and lower costs. President and CEO Carlos Ghosn says, "We have been faced with adversities on many fronts - from lower industry volumes and record levels of incentives to fluctuating exchange rates and uncertainty in global markets. Even so, Nissan is again reporting record operating profits. We remain very focused. We will systematically pursue our NISSAN 180 drive to establish lasting, profitable growth."The company will file its official audited report on November 6, 2003.
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