YOKOHAMA – Nissan Motor Co., Ltd., today announced net income of 106.6 billion yen (US $ 1.16 billion, euro 910 million) for the first quarter of fiscal year 2010, ending March 31, 2011, compared to a net loss of 16.5 billion yen (US $180 million, euro 140 million) from the same period a year ago.
Net revenue increased 35.3% to 2.050 trillion yen (US $22.28 billion, euro 17.52 billion). Nissan's operating profit totaled 167.9 billion yen (US $1.82 billion, euro 1.43 billion), while the ordinary profit amounted to 155.0 billion yen (US $1.68 billion, euro 1.32 billion).
Globally, Nissan sold a total of 954,000 vehicles in the first quarter of fiscal year 2010, up 32% compared to the same period in fiscal 2009.
During Fiscal Year 2010, Nissan will introduce ten new products globally. The first vehicle, the Nissan Juke compact sports crossover, was launched in June and has been well-received by consumers. Nine more all-new products, including the affordable, 100% electric, zero-emission Nissan LEAF, will be introduced for the remainder of the year.
"First quarter results for Nissan are good and our recovery is vigorous and ahead of schedule," said Nissan President and CEO Carlos Ghosn. "Challenging market conditions persist, but our performance reflects strong demand for Nissan's products as well as our relentless focus on operational efficiency. Despite uncertainty surrounding the ongoing global economic recovery, raw material costs and exchange rate volatility, we are confident to achieve our FY2010 forecast."
Nissan's forecast remains unchanged for the fiscal year with an operating profit of 350 billion yen (US $3.89 billion, euro 2.92 billion*) and net income of 150 billion yen (US $1.67 billion, euro 1.25 billion*).
Note 1: Amounts in dollars and euros are translated for the convenience of the reader at the foreign-exchange rates of 92.01 yen/dollar and 117.03 yen/euro, the average rates for the fiscal year to date.
*Note 2: Based on assumption of foreign-exchange rates at 90 yen/dollar and 120 yen/euro, as filed in the full-year forecast on May 12, 2010, with the Tokyo Stock Exchange.