Nov 8, 2017

Nissan cuts operating profit forecast after Japan recall

Japan's Nissan has reduced its full-year profit forecast as a safety inspection scandal hit earnings. The carmaker expects operating profit of 645bn yen for the year to March 2018, down from previous guidance of 685bn yen. It also saw a sharp drop in operating profit for the three months to September owing to weakness in the US. It recalled 1.2 million cars in the domestic market last month after flaws in safety checks were discovered. While costs related to safety scandal are expected to hit Nissan's annual profit, other headwinds weighed on its quarterly earnings. Operating profit fell to 128.5bn yen for the three months to September, down from 163.9bn a year earlier.

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