May 14, 2018 / 7:48 AM / 4 months ago

Nissan sees lower annual profit on firmer yen

TOKYO, May 14 (Reuters) - Nissan Motor Co on Monday forecast a 6 percent drop in operating profit for the current financial year as it expects a stronger yen and higher raw material prices to offset a rise in vehicle sales.

Japan’s second-biggest automaker expects profit to ease to 540 billion yen ($4.93 billion) in the year to March 2019, less than a mean forecast of 621.4 billion yen from 21 analysts polled by Thomson Reuters I/B/E/S.

The forecast was based on an assumption that the yen will trade around 105 yen against the U.S. dollar during the year, compared with around 111 yen in the year just ended.

Operating profit fell 22.6 percent to 574.8 billion yen in the year ended March 2018, slightly outperforming analyst estimates. ($1 = 109.5000 yen) (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)

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