Nissan beats profit estimates on US boost, eyes China recovery
YOKOHAMA (REUTERS) - Nissan Motor beat expectations with a 14 per cent rise in quarterly net profit on Thursday, bolstered by a jump in sales in the United States. The company expressed confidence it was on track for a recovery in its key Chinese market.
Japan's second-biggest automaker by sales volume said net profit had increased to 82.02 billion yen (S$1.03 billion) in its April-June first quarter.
"Positive signs of improving sales volume in China, as well as expected contributions from the full ramp-up of US operations, should enhance Nissan's performance in the coming quarters of fiscal year 2013 - in line with the company's previously announced guidance," the company said in a statement.
Japanese carmakers have suffered a plunge in China sales since a diplomatic row between Tokyo and Beijing last September, and Nissan in particular has been hit hard. China was Nissan's biggest market for the last four years and accounted for about a quarter of its sales volume last year, making Nissan the most reliant on that country among Japan's carmakers.