Nissan said Friday it had lowered its sales and profit forecasts for the fiscal year that ended on March 31, citing higher costs.

"The forecast sales volume has been lowered to 3.44 million units, net revenue to ¥12.6 trillion ($81.6 billion), and operating profit to ¥530 billion. Net income is expected to reach ¥370 billion for fiscal year 2023," it said in a statement.

The firm previously estimated revenue of ¥13 trillion, operating profit of ¥620 billion and net income of ¥390 billion.