Stronger Yen Sends Nissan's Profits South
NissanMotor (NSANY) , Japan's second-largest automaker, reported a profit decline due to yen appreciation which hurt its North American business.
The Yokohama, Japan-based automaker said Thursday that its net profit dropped 8.5% to ¥414 billion ($3.7 billion) on a 7.6% sales decline to ¥8.3 trillion in the nine months to December. Its operating profit fell 14.3% to ¥503 billion.
The results were announced after the market closed in Tokyo on Thursday. Shares closed down 2% at ¥1,109. The stock has advanced 14% over the past three months.
The maker of the Leaf and Note models attributed the slide at the operating level to the impact of the currency exchange rate. The yen appreciated to the ¥100-range against the dollar during the nine months before weakening to the ¥116-range against the dollar at the end of 2016.
