Japanese automaker Nissan's profits zoom on strong sales, favorable exchange rates
Nissan has reported that its profit zoomed more than 10-fold in the last quarter from a year before, boosted by a weak Japanese yen and strong vehicle sales around the world
TOKYO (AP) — Nissan’s profit zoomed up more than 10-fold in July-September from a year earlier, boosted by a weak Japanese yen and strong vehicle sales around the world.
The Japanese automaker, allied with Renault SA of France, reported a 190.7 billion yen ($1.3 billion) profit in the last quarter, up from 17.4 billion yen the year before. Quarterly sales surged 25% to 3.15 trillion yen ($20.9 billion), the company said Thursday.
Nissan Motor Co., which makes the Leaf electric car, Infiniti luxury models and Rogue sport-utility vehicle, got a solid boost from the weak yen, as did its Japanese rivals Toyota Motor Corp. and Honda Motor Co.
The weak yen generally helps the results of Japanese exporters by raising the value of their overseas earnings when they are converted into yen. The U.S. dollar has been trading at about 150 yen lately, up from 130 yen and 140 yen levels last year.
