Nissan's Q3 Net Income Reaches $480M

Japanese carmaker Nissan released today information regarding its financial performance in the third quarter of the 2009 fiscal year (ending March 31, 2010), with number showing a 45 billion yen ($480 million) net income. A better than expected result, says Nissan, mostly driven by scrapping incentives in major markets, the ever growing Chinese market and the measures set in place by the carmaker to cut cost.

"Our performance in the third quarter of fiscal 2009 is encouraging, demonstrating that our countermeasures are working," said Nissan CEO Carlos Ghosn.

"Despite these positive quarterly results, we believe that conditions in the global economy are still volatile and uncertain, so our outlook will remain cautious until we see clear evidence that economic recovery can be sustained in world markets."

In all, Nissan's net revenues were 1.9962 trillion yen ($21.33 billion), up 9.9 percent compared to the same period in 2008. Operating profit for the carmaker was 134.1 billion yen ($1.43 billion), with the operating profit margin at 6.7 percent.

Nissan sold 2,505,000 vehicles in the first nine months of the fiscal year, down 4.8 percent compared with the same period last year. As a result, the carmaker revised its full fiscal-year forecast for 2009 and, based on foreign-exchange rates of 92 yen/dollar and 132 yen/euro it hopes to reach 7.4 trillion yen ($80.43 billion) net revenues and a net income of 290 billion yen ($3.15 billion).

Operating profit is expected to reach 290 billion yen ($3.15 billion) for the fiscal year.