Nissan cuts annual operating profit estimate by 14.5% on lower sales

TOKYO: Nissan Motor slashed its annual operating profit estimate by 14.5% on Friday citing lower-than-expected vehicle sales and other factors.

Japan's third-largest automaker by volume now estimates an operating profit of 530 billion yen ($3.43 billion) instead of 620 billion yen for the year that ended in March. Net profit is now estimated at 370 billion yen instead of 390 billion yen.

Nissan said its vehicle sales would total 3.44 million vehicles for the year, lowering its estimate just two months after a revision down to 3.55 million units.

Chief Executive Officer Makoto Uchida told a press conference that weaker sales in China and the impact from the New Year's Day earthquake on Noto peninsula led to the lowered estimate. - Reuters