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Nissan expects profit to plummet

China Daily | Updated: 2008-11-20 08:10

Nissan Motor Co, Japan's third-largest automaker, said profit in the second-half will go to "zero" because of lower sales in the US and a stronger yen.

Chief Executive Officer Carlos Ghosn made the comments in an interview with the Wall Street Journal, which were confirmed by Nissan spokesman Simon Sproule. Last month, the company forecast second-half net income of 33.7 billion yen ($348 million) and operating profit of 78.4 billion yen.

The yen has gained 16 percent against the dollar and 34 percent against the euro this year, eroding Tokyo-based Nissan's overseas earnings. Lower demand for Sentra small cars and Pathfinder sport-utility vehicles drove the carmaker's US sales down 34 percent in October as the industry heads to the lowest annual tally in 15 years.

Nissan expects profit to plummet

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