Nissan Motor Co. Ltd. reported on Tuesday its revenue in the second fiscal quarter of 2020 dropped 27.1% per annum to ¥1.92 trillion ($18.22 billion). Operating profit tumbled to ¥4.8 billion ($45.6 million) and the operating profit margin was -0.3%. Net loss during the three month period was at ¥44.4 billion ($421.3 million).
The automaker said its global sales slid 19% compared to the prior year 993,000 vehicles. For fiscal 2020, Nissan expects sales volume to increase by 1% over our previous forecast to 4,165,000 units. Despite the negative impact of rising raw material prices, Nissan revised its full-year outlook as follows due to improvements in selling expenses as well as sales finance, manufacturing and fixed costs.
“Going forward, we will continue to strengthen our efforts to rationalize the business, while enhancing our product capabilities and refreshing our product lineup to provide unique value to our customers. While continuing to operate in an uncertain environment in the second half of the fiscal year, we will maintain the momentum from the second quarter with further financial discipline and improvement in our quality of sales. As an important milestone under Nissan NEXT, we will firmly pursue our aim towards achieving a 2% operating margin in fiscal year 20213,” said Nissan CEO Makoto Uchida.