Nissan Motor Co (TYO: 7201) announced it expects a 28% decline in its annual operating profit, preparing for the lowest earnings in 11 years, emphasizing its struggle to recover from the removal of former Chairman Carlos Ghosn.
Japan’s second-largest carmaker’s disappointing performance is also affected by a hard blow that company took last year by Ghosn’s arrest, putting additional pressure on chairman Hiroto Saikawa as he struggles to ignore the scandal and focus on reconstructing corporate administration and providing the company with a more equal foundation with alliance partner Renault.
Japanese car giant expects an operating profit of 230 billion yen ($2.10 billion) for the year to March 2020, much lower than 318 billion yen in the previous year.
Nissan’s shares tumbled almost 2% in 2019, after giving up a fifth of their value in the previous year.
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