Nissan Motor Co. will achieve its goal of regaining profitability in the current fiscal year due to the success of its restructuring efforts, Nissan Chief Operating Officer Carlos Ghosn said Tuesday.
Nissan has emerged from debt and is headed toward profitability, Ghosn said at the automaker's general stockholders' meeting in Tokyo.
Nissan is in the midst of a three-year revival plan, announced last October, to rejuvenate the carmaker through aggressive cost-cutting measures, including plant closures and job cuts.
Under the plan, the automaker aims to return to profitability in fiscal 2000, which ends March 31.
Ghosn is expected to take the helm of the company as president after receiving approval at a board meeting following the stockholders' meeting.
President Yoshikazu Hanawa, who reported Nissan's performance at the meeting, apologized that stockholders will not receive dividend payments for fiscal 1999, resulting from the company's consolidated net losses of 684.36 billion yen for the year -- the largest-ever losses posted by a nonfinancial Japanese company.
According to Nissan, 379 stockholders attended Tuesday's meeting, down from last year's 420.