Nissan profit down 15 percent, hurt by strong yen
TOKYO (AP) -- Nissan Motor Co. says its April-June profit fell 15 percent from a year earlier as the strong yen bit into sales.
The Yokohama-based company said it recorded a 72.3 billion yen ($900 million) profit, down from 85 billion yen a year earlier. Worldwide sales rose 2.6 percent.
Company chairman Carlos Ghosn said Nissan had triumphed in growing sales despite the "harsh economic environment" thanks to its strong model lineup, which includes the Leaf electric car.
Nissan earlier raised its forecasts for the fiscal year through March 2013 to a 400 billion yen ($5 billion) profit, up from its earlier forecast for 290 billion yen ($3.6 billion) profit.
The company is gearing up for stronger growth despite the slowdown in Europe, counting on solid demand in emerging markets such as China.
(Copyright 2012 by The Associated Press. All Rights Reserved.)