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  HOME | Business & Economy (Click here for more)

Nissan Announces 22% Drop in Net Income Forecast Following Ghosn Case

TOKYO – Nissan Motor announced on Wednesday a net profit forecast at 319 billion yen ($2.9 billion) for the latest fiscal year, which marks a 22.3 percent drop from the previous forecast, in the wake of the sacking of Carlos Ghosn.

The Japanese firm has decided to revise its net profit forecast down for the latest fiscal year – from April 2018 to March 2019 – due to an increase in costs and the “impact of recent corporate issues on sales.”

Although the firm did not give any further details, the last fiscal year coincided with the arrest of the former head of Nissan Motor who was also overseeing its alliance with Renault and Japan’s Mitsubishi Motors and was accused of financial irregularities.

During the 2017 fiscal year, Nissan earned a net profit of 746.9 billion yen, which was more that double the figure calculated for the year 2018.

Ghosn was arrested for the first time on Nov. 19 in Tokyo, accused of under-reporting his income running into the millions to the Japanese financial authorities and allegedly using company funds to cover personal financial losses and make payments to a Saudi businessman.

As a result of the allegations, he was ousted from his position as the head of Nissan as well as from the tripartite alliance.

There are four formal charges against the former Nissan chief, who was out on bail but who was arrested again on April 4.

He said that he was innocent of all the charges.

The Renault-Nissan-Mitsubishi alliance has appointed Renault chairman Jean-Dominique Senard as president, who according to the Japanese media, has proposed to his Japanese counterparts an integration plan to increase the alliance’s profitability.

In February, Renault presented disappointing annual results under Ghosn’s charge and reflected a 36 percent decline of net profit to stand at 3.451 billion euros.

 

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