Nissan's quarterly profit leaps up by a third
The Japanese car maker posts $4.28bn full-year net profit after record sales.
The Japanese automaker Nissan Motor has posted a net income of 341.4bn yen ($4.28bn) for the year ended 31 March 2012 – up from 319.2bn yen last year, despite disruptions caused by the earthquake and tsunami that struck the country's north-east in March 2011.
Net revenues came to 9.41trn yen (2011: 8.77trn yen), while operating profit was 545.8bn yen (2011: 537.5bn yen).
During the year, Nissan’s global sales reached a record high of 4.8 million units, rising 15.8 per cent from last year’s 4.185 million units. Total industry volumes increased 4.2 per cent from 72.6 million units in fiscal 2010 to 75.7 million in 2011. Nissan's share of the global market rose 0.6 points to 6.4 per cent.
Carlos Ghosn, president and CEO of Nissan, said:
Nissan has delivered robust operating profits and record sales amid growing demand for our models, brands and technologies around the world. It is an even more encouraging performance given the headwinds created by natural disasters, an over-valued Yen and uncertain global economic conditions.
In fiscal 2011, the company released the Tiida in China, the Lafesta Highway Star in Japan, front-drive and rear-drive versions of the NV400 commercial van in Europe and the Infiniti JX in the US.
Nissan reported significant growth in global markets. Unit sales in China rose 21.9 per cent to 1,247,000 vehicles. In the US, sales were up 11.8 per cent to 1,080,000 units. Across Europe including Russia, sales were 713,000 units, up 17.5 per cent. In Japan, sales increased by 9.2 per cent to 655,000 units. Other markets totalled 826,000 units, up 16.4 per cent.
We have begun to deliver on the comprehensive Nissan Power 88 plan that we unveiled last year. Our financial performance, product launches and market penetration over the past 12 months demonstrate our progress towards sustainable operating margins of 8 per cent and 8 per cent global market share.