November 1, 2013 / 6:57 AM / 5 years ago

Nissan cuts profit outlook on recall, Asia sales slowdown

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.

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