Nissan Motor Company has reported 70% drop in profit. The company has also cut its full-year outlook to an 11-year low, as the Japanese automaker continued to grapple with falling sales and the aftermath of the ouster of former Chairman Carlos Ghosn.
According to reports, operating profit at Japan’s second-biggest automaker by sales came in at 30 billion yen ($274.98 million) during the July-September period versus 101.2 billion yen a year earlier.
That compared with a mean forecast of 47.48 billion yen from nine analyst estimates compiled by Refinitiv, and marked its worst second-quarter performance in a decade and a half.
Nissan, whose financial performance has been in the doldrums for nearly two years, cut its forecast for operating profit to 150 billion yen in the year through March 2020, from a previous forecast for 230 billion yen. The new forecast means earnings for the full-year will be at their worst in 11 years.