Due to lackluster sales and huge evaluation losses on marketable securities, Nissan Motor Co. on Friday announced a downward revision of its unconsolidated business forecast for the 1997 business year.
Nissan's sales forecast declined to 3.55 trillion yen from an earlier projection of 3.7 trillion yen, and its pretax profit forecast dropped to 57.7 billion yen from 100 billion yen. As a result, its projected net income declined to 16.5 billion yen from an earlier forecast of 55 billion yen, the firm said.
The automaker also reported 50.4 billion yen in evaluation losses on marketable securities as the Japanese stock markets plunged. With sluggish sales in North America and in the domestic market, Nissan also announced that its consolidated sales revenues are likely to drop 2.4 percent to 6.5 trillion yen from the 1996 business year, while its pretax profit will decrease as much as 82.2 percent to 25 billion yen from a year earlier.
In North America, its vehicle sales dropped between 130,000 and 140,000 units from the previous year, mainly due to the unpopularity of its passenger cars, the firm said.