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Record sales boost Nissan profit

Wednesday, February 08, 2012 - 01:26

Feb. 8 - Japanese car maker Nissan announces earnings with profits up by 3.6 percent in the last quarter, despite lingering effects of the Japanese earthquake and Thai floods. Joanne Nicholson reports

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Nissan has reported a rise in profits for the last quarter after record sales in 2011. Japan's second biggest carmaker sold 1.2 million vehicles in the quarter, up by almost a fifth. Annual sales were up 14 percent at almost 4.7 million. And that's despite an earthquake in Japan and production problems caused by the floods in Thailand. They recovered quicker than rivals Toyota and Honda because they have a global network of factories providing resources. Nissan's corporate vice president, Joji Tadama (SOUNDBITE)(Japanese) CORPORATE VICE-PRESIDENT OF NISSAN MOTOR, JOJI TADAWA, SAYING: "Given this progress and despite the challenging macro-economic environment, we remain confident that Nissan will deliver solid full year revenues and profitability, although the impact of the strong yen continues to have a negative impact on the full 2011 results." The October to December profit of $1.54 billion was slightly below analysts' expectations. Nissan didn't launch many new models last year but over the next two years, is planning 20. It's expecting growth in the United States when it launches an update of one of its best sellers - the Altima Sedan. Nissan shares have gained 11 percent so far in 2012 but it's still lagging behind Toyota which was up 21 percent, and Honda at 20 percent. Joanne Nicholson, Reuters

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Record sales boost Nissan profit

Wednesday, February 08, 2012 - 01:26