Nissan sees quarterly profit slide after quake

Japanese automaker Nissan on Wednesday said net profit in the April-June quarter fell 20.3 percent on-year due to the impact of the devastating March 11 disasters on production and a strong yen. The quarter saw heavy production disruptions after the earthquake and tsunami triggered parts and power supply shortages. Nissan posted a net profit of 85 billion yen ($1.04 billion according to Nissan's average rate) in the period. It posted an operating income of 150.4 billion yen, down 10.4 percent year-on-year as the strong yen weighed on profitability. Nissan retained an earlier forecast for an annual net profit of 270 billion yen. Globally, Nissan sold a total of 1,056,000 vehicles in the first quarter of fiscal year 2011, up 10.6 percent compared to the same period in fiscal 2010. "Our rapid recovery from the natural disasters in March once again shows the power of Nissan in responding effectively and decisively to crisis," said Nissan President and CEO, Carlos Ghosn in a statement, "despite strong headwinds such as foreign exchange and rising raw material costs".