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TOKYO (July 25, 2006)—Nissan Motor Co., Ltd., today announced that consolidated
net income after tax totaled 110.2 billion yen (AU $1.2 billion) in the first
quarter of fiscal year 2006, ending March 31, 2007, up 4.2% compared with the
same period a year ago. The rise in net income for 2006 reflects the exceptional
charges taken in the same period in 2005 relating to accounting standards
changes and the introduction of Nissan’s defined contribution pension plan.
Globally, Nissan sold a total of 826,000 vehicles in the April-to-June
period, down 6.0%. Net revenue rose 3.1% to 2.210 trillion yen (AU $25.1
billion).
Nissan’s operating profit totaled 153.3 billion yen (US $1.34 billion, euro
1.09 billion), down 25.7%. The decline was due in part to a one-time charge for
a four-cylinder engine warranty provision in North America. Operating profit
margin came to 6.9%. Ordinary profit amounted to 156.7 billion yen (AU $1.7
billion), down 25.6%.
“As we predicted, the first half is proving to be challenging as we face
significant headwinds and only one new model introduction,” said Nissan
President and CEO Carlos Ghosn. “We are maintaining our forecast for the full
fiscal year and remain confident that our new product introductions will provide
a significant contribution to our business in the second half of this fiscal
year, and to the achievement of Nissan Value-Up.”
In the second half of fiscal 2006, Nissan will release eight new models
around the world, including the Sentra, Altima and Infiniti G35 sedans for the
US.
Notes: Amounts in dollars and euros are translated for the convenience
of the reader at the foreign exchange rates of 87.9 yen/dollar.
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