Nissan Motor Co forecast a 28% plunge in its annual operating profit, putting it...
YOKOHAMA - Nissan Motor Co forecast a 28% plunge in its annual operating profit, putting it on course for the weakest earnings in 11 years and underscoring its struggle to turn the page after former Chairman Carlos Ghosn was ousted.
These issues could strengthen the argument for closer links between the two automakers, although some Nissan executives have opposed a full merger and what they see as an unequal partnership that gives smaller Renault more sway over Nissan. The automaker reported an operating profit of 318 billion yen in the year just ended, down 45% from a year earlier. It also booked 4.4 billion yen in expenses to reflect previous misstatements involving Ghosn’s compensation.
Ghosn, out on bail and awaiting trial in Japan, has been charged on several counts of financial misconduct and of allegedly enriching himself at Nissan’s expense. He has denied all charges and said he is the victim of a boardroom coup.
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