Nissan Motor Co. said Tuesday it expects to post a net loss of up to ¥95 billion ($887 million) for fiscal 2019 that ended last month due to the coronavirus pandemic's impact on sales of vehicles and parts, its first red ink in 11 years.
Nissan, which in February estimated a net profit of ¥65 billion in the business year, said it now expects the figure to be ¥150 billion to ¥160 billion lower. The automaker last posted a net loss for fiscal 2008 amid the global financial crisis.
Nissan said it is currently reviewing a medium-term management plan and the latest earnings forecast has yet to reflect it, suggesting the carmaker may actually run a bigger loss.
Nissan will delay the release of its full-year earnings results to May 28 from the middle of May due to restrictions in movements amid the pandemic affecting its book-closing. The revised management plan will be also released May 28.
The automaker also said it now expects operating profit to be ¥120 billion to ¥130 billion lower than the previous forecast of ¥85 billion.