Nissan reports FY12 operating profit of 120.7 B. Yen

Nissan Motor Co., Ltd., today announced an operating profit of 120.7 billion yen (US $1.5 billion, euro 1.17 billion) for the first quarter of fiscal year 2012, ending March 31, 2013. Compared with the first quarter of 2011, operating profit declined 20% due to the worsening foreign exchange impact of an abnormally strong yen, along with higher one-time selling costs, particularly in North America, linked to our product renewal cycle. The general pricing environment was also less favorable than in the prior year period, during which vehicle prices were distorted by supply constraints caused by the March 2011 Japan earthquake and tsunami. Nissan sold a total of 1,210,000 vehicles globally in the first quarter of the current fiscal year, up 14.6% compared with the same period in 2011.Global market share increased by 0.4 percentage points to 5.9%. "Nissan has delivered a respectable performance in the first quarter despite challenging macro-economic conditions," said Nissan President and CEO, Carlos Ghosn. "Our innovative models remain in high demand, with further exciting vehicles due for launch. Against that background, we remain on track to achieve our full-year forecasts." Net revenue increased 2.6% to 2.1364 trillion yen (US $26.64 billion, euro 20.78 billion), while ordinary profit came to 111.5 billion yen (US $1.39 billion, euro 1.08 billion) and net income totaled 72.3 billion yen (US $ 900 million, euro 700 million). In the April-to-June period, Nissan continued to execute on its Power 88 mid-term business plan, designed to enhance its product portfolio and strengthen the group's brand and sales presence around the world. As part of that plan, two new models were launched during the quarter including the Nissan Altima in the US and the Nissan NV350 Caravan in Japan. The pace and volume of new product launches is set to accelerate over the coming quarters, renewing major model lines across the Nissan, Infiniti and Venucia brands. Separately, Nissan improved its brand visibility with the launch of "WHAT IF_", a global multi-media campaign focused on travel hubs and digital outlets. Further product launches and brand initiatives are expected to enhance sales over the remainder of the fiscal year. From Nissanglobal