Nissan cuts profit outlook on recall, Asia sales slowdown

TOKYO Fri Nov 1, 2013 2:57am EDT

TOKYO Nov 1 (Reuters) - Nissan Motor Co cut its annual net profit outlook by nearly 20 percent on Friday, depressed by a sales slowdown in China and Southeast Asia and by a major vehicle recall in September.

Japan's second-biggest carmaker by sales volume now expects to book a net profit of 355 billion yen ($3.62 billion) for the year ending in March 2014, compared with its previous forecast of 420 billion yen.

Nissan's results for the July-September quarter exceeded expectations with a 2 percent rise in net profit after sales in Japan were boosted by its new 660 cc minicar and auto demand stayed strong in the United States.

Second-quarter net profit totalled 107.8 billion yen, compared with 106 billion yen a year ago and beating the average forecast of six analysts by Thomson Reuters I/B/E/S of 90.4 billion yen.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article