Nissan cuts annual profit forecast

Nissan cuts annual profit forecast

Nissan has revealed that its quarterly profit has increased by almost 8% but recent poor sales in China and Europe have caused it to reduce its full-year forecasts.

The Japanese manufacturer's sales shot up by 5.5% to 2.4 trillion yen (£18 billion) between July and September, leading to a net profit of 106 billion yen (£813 million) for the quarter.

However, the firm has cut its profit and sales predictions for the business year ending March 2013 because of weakness in Europe and a slump in China thanks to a boycott of Japanese products over the group of islands claimed by both countries.

It is not all bad news for the Yokohama-based car giant though as it also announced that sales have risen year-on-year in the US, Indonesia and India in the third quarter of 2012.

Copyright Press Association 2012