Nissan’s quarterly profit fell by 68% due to the exit from Russia
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Nissan was forced to write off 24.1 billion yen ($164.5 million) in the second quarter of its fiscal year 2022 as it exited the Russian market, according to a report. reporting Japanese concern. As a result, the company’s net profit for the quarter amounted to 17.4 billion yen ($118.5 million), which is 68% worse than last year’s figure.
At the same time, despite the write-offs of Russian assets, Nissan managed to significantly increase its revenue and operating profit. Thus, sales of the automaker in this quarter reached 2.5 trillion yen, which is 30% better than last year’s result. And operating profit grew by 44.5%, to 91.7 billion yens ($625.9 million).
Nissan also updated projections for its results for the entire fiscal year 2022, which will end on March 31, 2023. Due to the continued shortage of microchips and spare parts in the market, the company will not be able to meet its own production targets. Now the company expects to produce 3.7 million cars a year instead of 4 million. But thanks to the depreciation of the yen against major world currencies and rising car prices, the company expects to make more money by selling fewer cars. Thus, the forecast for revenue was increased by 9%, for operating profit – by 44%, and for net profit – by 3.3%.
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