Nissan reports small rise in full-year profitsMay 11, 2013 - 15:13 AMT PanARMENIAN.Net - Japanese carmaker Nissan has reported a small rise in full-year profits, but sales in its key market of China fell, according to BBC News. Net income amounted to 342.45bn yen ($3.4bn), up 0.3% from the previous year. Global revenue grew 2.3% to 9.6 trillion yen. Sales in China fell 5.3% to 1.18 million units, with Nissan's market share down 6.5% from the previous year. Chinese consumers were urged to boycott Japanese goods last year amid a row between the two countries. China makes up a quarter of Nissan's global sales, and chief executive Carlos Ghosn has pledged to become a leader in electric cars in China, ploughing significant investment into the technology. Sales in Europe decreased 7.5% to 660,000 as the downturn in the region's economy hit sales. U.S. sales rose 5.4%, while demand in emerging markets was strong. Overall, sales worldwide increased to 4.9 million units, up 1.4% from the previous year. Nissan, which is partly owned by France's Renault, said it expected net profit to increase by 23% to 420bn yen in the current financial year. Toyota and Honda both reported record sales in the year ended March. Revenue for Toyota rose 16.3% while Honda saw sales jump 32.2% year-on-year. Their profit rise has been largely due to a weakening yen against other currencies, which inflates overseas earnings when they are repatriated. But Nissan used a relatively conservative exchange rates when calculating its latest earnings, with a dollar-yen rate of 82.9 yen to the dollar. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |