Nissan profits up for first time in five quarters

0 Comments | AFP, February, 2008

TOKYO (AFP) — Nissan Motor Co. said Friday that its net profits surged almost 27 percent in the third quarter, snapping a one-year downturn as new model launches boosted demand in a sluggish global economy.

But Nissan, Japan's third-largest automaker, kept its cautious outlook for the full-year, noting that slowing economic growth and financial market turmoil were keeping a lid on demand in the giant US auto market.

Nissan's net profit came to 132.22 billion yen (1.24 billion dollars) in the three months to December, marking the first increase in five quarters.

Operating profit rose by 15.8 percent to 211.94 billion yen as revenue grew by 18.2 percent to 2.77 trillion yen, a company statement said.

"Despite the headwinds that affect our industry,...