Nissan Predicts Largest Profit Decline In Decades

Following the lead of fellow Japanese auto makers Honda Motor Co. Ltd. and Toyota Motor Corp., Nissan Motor Co. Ltd. says it foresees a gloomy fiscal 2008, predicting its largest net income decline in nine years.

Assuming an exchange rate of ¥100:$1 and ¥155:E1, Nissan forecasts a net income of ¥340 billion ($3.40 billion), down 30% from its fiscal-2007 net income of ¥482.3 billion ($4.22 billion) released today in Tokyo.

Take a look at the headwinds we’re facing in 2008,” Carlos Ghosn tells Bloomberg Television. “We’re not being pessimistic, we’re being prudent.”

Nissan also predicts revenue will decline 4% to ¥10.4 trillion ($103.5 billion) from ¥10.8 trillion ($94.6 billion) in FY07.

DexDiamonds - 5/13/2008 11:46:28 AM

0 Boost

Everyone is losing money... What's new?

Bmw8ter - 5/13/2008 12:00:26 PM

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It's a loss compared to the previous years earnings.

chewy - 5/14/2008 1:33:32 AM

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All of VW Group brands recorded record profits first quarter of 08.

EL34 - 5/13/2008 12:02:47 PM

-8 Boost

Good, keep them ugly cars off my Calfornia roads.

Brembo - 5/13/2008 12:35:19 PM

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Do you even own a car?

mpls - 5/13/2008 12:37:31 PM

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I think EL34 has toy cars to play with, his BMW or Benz toy cars his father bought for him !

DexDiamonds - 5/13/2008 1:53:17 PM

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Damn that's harsh.

Brembo - 5/13/2008 4:17:19 PM

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wow...I didn't mean to go that far.
I don't know what to say.

Porschinator - 5/13/2008 8:49:46 PM

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I guess Telnik really loves Nissan...lol.

Brembo - 5/14/2008 7:40:45 AM

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Damn....

simmonsdp - 5/13/2008 4:18:50 PM

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And it's only the begining,our world is in for some big time change,,,,,

gsh23 - 5/13/2008 4:37:37 PM

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nothing changes. wake up. poor are still poor and rich are still rich.

sector - 5/13/2008 9:14:56 PM

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EL34 just sounds like he got his a$$ kicked in (psychologically/physically) by an Asian dude/lady at one point in his life :-(

bayareaspeedracer - 5/16/2008 3:39:41 AM

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This is becoming standard fare with all auto makers. No company is really losing money but the profits are getting smaller and smaller. The economy is in the dumps, no one really wants to buy much (housing and cars have been taking hits left and right) and no one really knows how to get people to buy again with the little disposable income they have. Lets just hope that for everyone's sake the economy gets back up and its business as usual.