Nissan profits hit 'rock bottom'

Nissan profits hit rock bottom

The crisis-hit automaker reported net profits of 319 billion yen ($2.9 billion)for the fiscal year to March 2019, the lowest since 2009/10

Tokyo: Crisis-hit Japanese car company Nissan on Tuesday unveiled net profits at a near-decade low as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn.

Net profits for the fiscal year to March 2019 came in at 319 billion yen ($2.9 billion), the lowest since 2009/10 when the company was struggling in the wake of the global financial crisis.

It was a decline of 57 per cent compared to the previous fiscal year and the profit outlook for the current fiscal year was forecast to be even worse -- at 170 billion yen.

"The performance is a challenging one and we want to change this," Chief Executive Officer HirotoSaikawa told reporters.

Tuesday's figures represented a "rock bottom" for the company, he said, adding: "Please give us time to recover."

The firm has been crippled by the reputational damage caused by the legal woes of former chairman Ghosn, who faces four formal charges of financial misconduct that he denies.

"There are many negative legacies inherited from the previous management," said Saikawa.

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