Nissan Motor Co. (NSANY) has revealed a net income of ¥42.4 billion ($460 million) or ¥10.40 (11 cents) per share in fiscal 2009 ended March 31, 2010, in sharp contrast to a loss of ¥233.7 billion ($2.5 billion) or ¥57.38 (62 cents) per share in the prior fiscal year. The improvement was attributable to cost reduction measures and positive impact from a decline in raw material and energy costs by ¥81 billion ($872 million).
Revenues in the fiscal year fell 10.9% to ¥7.52 trillion ($80.9 billion) due to a stronger yen offsetting the increase in sales volume. Operating profit was ¥311.6 billion ($3.35 billion), compared with an operating loss of ¥137.9 billion ($1.5 billion) in fiscal 2008. The operating profit margin stood at 4.1%.
Globally, Nissan sold 3.52 million vehicles in the quarter, a 3% increase over the same period in fiscal year 2008 due to strong sales volume in emerging markets, especially in China.
Unit sales went down 5.8% to 1.07 million vehicles in North America and decreased 2.4% to 517,000 vehicles in Europe. However, it improved 2.9% to 630,000 vehciles in Japan and shot up 38.7% to 756,000 vehicles in China.
Nissan had cash and cash equivalents of ¥761.5 billion ($8.2 billion) as of March 31, 2010. Long-term borrowings were ¥2.5 trillion ($26.8 billion).
In fiscal 2009, cash flow from operating activities increased by ¥286.5 billion ($3.1 billion) to 1.18 trillion ($12.6 billion), due primarily to an improvement in income. Capital expenditures reduced to ¥275.7 billion ($2.97 billion) from ¥386.1 billion ($4.16 billion) in the prior fiscal year.
Nissan expects to sell 3.8 million units in the coming fiscal year, an increase of 8.1% over fiscal 2009 based on the global launch of 10 new products. The automaker anticipates revenues of ¥8.2 trillion ($91.11 billion), operating profit of ¥350 billion ($3.89 billion) and net income of ¥150 billion ($1.67 billion).
(Exchange Rate: $1 = ¥92.90)
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