TOKYO : Japan’s Nissan Motor slashed its annual outlook after posting a 99 per cent decline in first-quarter operating profit on Thursday, falling short of analyst estimates and sending its shares sharply lower.
Operating profit for the April-June period totalled 995 million yen ($6.51 million), compared with 128.6 billion yen in the same period a year earlier and an average estimate of 164.4 billion yen in a poll of five analysts by LSEG.
The automaker cut its operating profit forecast for the financial year by 17 per cent to 500 billion yen from 600 billion yen.
($1 = 152.8200 yen)
