Nissan net profit up, record sales in April image

Japan’s No.2 automaker Nissan Motor Co said on Friday that profit more than doubled to 75.3 billion yen ($941 million) as the automaker achieved record sales despite production disruptions from last year’s tsunami.

January-March operating profit at Japan’s No.2 automaker rose 33 percent to 118.1 billion yen ($1.48 billion), against an average estimate of 120 billion yen from 20 analysts polled in the past 90 days by Thomson Reuters.

President and Chief Executive Carlos Ghosn said Nissan held up well in recent months amid serious hardships, including a slowdown in Europe, and was gearing up for more growth, banking on solid demand in China and other emerging markets.

“Overall, it is going to be a good year for the industry,” he told reporters, while noting that the soaring yen was a serious worry.

In global markets, the company reported significant growth. Unit sales in China, Nissan’s largest single market worldwide, rose 21.9% to 1,247,000 vehicles.

In the United States, sales were up 11.8% to 1,080,000 units. Across Europe including Russia, sales were 713,000 units, up 17.5%. In Japan, sales increased by 9.2% to 655,000 units. Other markets totalled 826,000 units, up 16.4%.