Tokyo, Japan - Nissan Motor Co., Ltd., today announced financial results for the first nine months of fiscal year 2004, ending March 31, as well as third-quarter performance. In the first nine months, net consolidated revenue rose 13.5%, compared with the same period in the previous year, to 6.099 trillion yen (US $56.22 billion, euro 45.69 billion) due to robust sales in the U.S. and a continuous improvement in European operations.
Nissan's operating profit from April to December totaled 612.1 billion yen (US $5.64 billion, euro 4.59 billion), up 2.1% from the same period last year, while its operating profit margin came to 10.0%. Ordinary profit amounted to 611.9 billion yen (US $5.64 billion, euro 4.58 billion), up 3.9%. Net income after tax totaled 373.0 billion yen (US $3.44 billion, euro 2.79 billion), an increase of 2.7% compared with last year.
The nine-month results include the 50% proportional consolidation of Dongfeng Motor Co., Ltd., Nissan's joint venture in China, and the full consolidation of Siam Nissan Automobile Co., Ltd., its sales and manufacturing company in Thailand.
Globally, Nissan sold a total of 2,412,000 vehicles in the first nine months, an increase of 10.3% compared with the previous year, building on new products launched in fiscal year 2003, as well as new products released mainly in the second half of fiscal year 2004.
In the third quarter alone, Nissan's net consolidated revenue advanced 14.9%, compared with the same period in the previous year, to 2.092 trillion yen (US $19.28 billion, euro 15.67 billion).
The company's operating profit in the October-to-December quarter totaled 208.7 billion yen (US $1.92 billion, euro 1.56 billion), up 5.1% from the same period a year ago, while its operating profit margin came to 10.0%. Ordinary profit amounted to 210.6 billion yen (US $1.94 billion, euro 1.58 billion), up 6.0%. Net income after tax totaled 134.2 billion yen (US $1.24 billion, euro 1.01 billion), an increase of 6.9%.
Nissan sold a total of 816,000 vehicles worldwide in the third quarter, up 13.4% compared with the prior year.
Nissan is maintaining its forecast for the fiscal year, although the company faces a continued challenging environment characterized by higher incentives, higher commodity prices, raw material shortages and higher interest rates. Nissan has forecast full fiscal year net revenue of 8.176 trillion yen, operating profit of 860 billion yen, ordinary profit of 846 billion yen and net profit of 510 billion yen. The forecast is based on exchange rates of 105 yen/dollar and 125 yen/euro.
Notes: Amounts in dollars and euros are translated for the convenience of the reader at the foreign exchange rates of 108.5 yen/dollar and 133.5 yen/euro, the average rates for the first nine months of the fiscal year ending March 31, 2005. The figures for fiscal year 2003, except for revenue, are unaudited and provided for reference purposes only.
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