TOKYO – Nissan Motor Co., Ltd., today announced that consolidated net income after tax totaled 92.3 billion yen (US $764 million, euro 566 million) in the first quarter of fiscal year 2007, ending March 31, 2008, down 16.2% compared with the same period a year ago. The drop in net income is due mainly to a higher effective tax rate compared to the same period in 2006.
Globally, Nissan sold a total of 875,000 vehicles in the April-to-June period, up 5.9%. Net revenue rose 10.7% to 2.4465 trillion yen (US $20.25 billion, euro 15.03 billion).
Nissan's operating profit totaled 148.4 billion yen (US $1,228 million, euro 912 million), down 3.2% due mainly to weaker product mix and higher raw material prices. Operating profit margin came to 6.1%. Ordinary profit amounted to 151.3 billion yen (US $1,252 million, euro 929 million), down 3.5%.
"Our results for the first quarter were in-line with our expectations, considering factors such as weaker product mix, higher raw material prices and the change in effective tax-rate", said Nissan President and CEO, Carlos Ghosn. "We are encouraged by the momentum building globally for our new products such as Qashqai, Altima, Livina and Infiniti G35 and we maintain our forecast for the full fiscal year."
In 2007, Nissan will launch a total of 11 all-new products globally. The first quarter saw the launch of three products - X-TRAIL, Altima coupe and Atlas light commercial truck. Additional products in FY07 are Livina, Aprio sedan in Mexico, Infiniti G37 coupe, Rogue, GT-R, Infiniti EX luxury crossover, Murano and a single-cab version of the Frontier-Navara pickup truck.
Note: Amounts in dollars and euros are translated for the convenience of the reader at the foreign exchange rates of 120.8 yen/dollar and 162.8 yen/euro, the average rates for the fiscal year to date.