Nissan announces yearly results

Nissan Motor Co. announced today its financial results for the third quarter of fiscal year 2009, ending March 31, 2010, as well as for the first nine months.

In the third quarter, the consolidated net income after taxes totaled 45 billion yen (CAN $513 million).

The better-than-expected results were due mainly to additional sales volumes driven by scrapping incentives in major markets, sales volume growth in China and “effective execution of countermeasures put in place following the global financial and economic crisis,” the company said in a release.

Nissan net revenues were 1.9962 trillion yen (CAN$22.7 billion), increased by 9.9 per cent compared with a year ago.

“Our performance in the third quarter of fiscal 2009 is encouraging, demonstrating that our countermeasures are working,” said Nissan President and CEO Carlos Ghosn said in a release.

“Despite these positive quarterly results, we believe that conditions in the global economy are still volatile and uncertain, so our outlook will remain cautious until we see clear evidence that economic recovery can be sustained in world markets.”

Nissan sold 882,000 vehicles worldwide in the October-to-December 2009 period, a 20.6 per cent increase over the same period in fiscal year 2008.