Nissan Motor Co. on Wednesday reported a consolidated net loss of 14 billion yen in the year that ended March 31.
An increase in Nissan's exports could not offset the sharp drop in domestic sales, leading to a consolidated drop of 1.4 percent to 6.56 trillion yen. Group operating income decreased 57.1 percent to 84.3 billion yen, and pretax profit plummeted 96.7 percent to 4.6 billion yen, the firm said.
The company's consolidated interest-bearing liabilities stand at 2.5 trillion yen. Nissan said it will try to reduce that amount to 2.2 trillion yen by March 1999 through restructuring and selling assets, including real estate.
Nissan's unconsolidated pretax profit was 57.7 billion yen, down 28.8 percent from the previous year. The ailing automaker says it expects to break even on the net level for the 1998 business year on both a consolidated and unconsolidated basis.