YOKOHAMA: Crisis-hit Japanese automaker Nissan said Thursday its net profit plunged more than 87% for the nine months to December as it struggles with weak demand and fallout from the arrest of former boss Carlos Ghosn.
Net profit for April-December dropped 87.6% to 39.3 billion yen, on sales down 12.5% at 7.5 trillion yen for the period. “Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying,” said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm.
It was Nissan’s first earnings announcement since Ghosn dramatically jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges. “Nissan replaced its leaders but has yet to show a roadmap for revival, and is still making an extra effort to settle the Ghosn case,” Takada said.
The two firms have made a show of holding the marriage together in the wake of Ghosn’s arrest, but tensions have bubbled to the surface.
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