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Nissan's net profit down three times in July-September after company leaves Russian market

In the first half of the current fiscal year, which began in April, the automaker also recorded a decrease in net profit by more than 60%, to $442 million

TOKYO, November 9. /TASS/. The net profit of the Japanese carmaker Nissan Motor in the second quarter of the current financial year (the period from July to September - TASS) plummeted by about three times due to the write-off of assets after the company’s withdrawal from the Russian market. This is according to the company’s financial statement released on Wednesday.

In July-September, net profit amounted to 17.4 billion yen ($119.3 million at the current rate). For comparison, last year in this period, this figure was 54 billion yen.

"Nissan achieved the stronger second quarter results despite challenging business conditions. In addition, net income was 17.4 billion yen ($119.3 mln), down from the previous year due to a one-time loss of 24.1 billion yen ($165 mln) recorded in the second quarter associated with the company’s withdrawal from the Russian market," according to the statement.

In the first half of the current fiscal year, which began in April, the automaker also recorded a decrease in net profit by more than 60%, to 64.5 billion yen ($442 million).

Considering the current weak exchange rate of the yen, Nissan Motor raised its forecast for net profit for the current fiscal year from 150 to 155 billion yen ($1.06 billion).

Leaving Russian market

In October, the Nissan Executive Committee approved the sale of its Russian assets managed by Nissan Manufacturing Rus to the Russian Federation represented by FSUE NAMI, a state research center under the Industry and Trade Ministry.

The deal involves the transfer of 100% of Nissan's assets in Russia (under the management of the legal entity Nissan Manufacturing Rus) to NAMI. This includes Nissan's production and research facilities in St. Petersburg, as well as a sales and marketing center in Moscow.

Under the deal Nissan Manufacturing Rus has an option to buy back its stake. This right can be exercised within next 6 years.

According to Deputy Prime Minister and Industry and Trade Minister Denis Manturov, Avtovaz carmaker will deal with after-sales service for Nissan cars and the supply of spare parts.

The Nissan plant in St. Petersburg suspended operation from March 14 due to interruptions in the supply of components. In May, speaking at a press conference following the release of the company’s 2021 financial results, Nissan President and CEO Makoto Uchida said that the automaker Nissan Motor suspended operations in Russia and Ukraine, presumably for a year.

The Nissan plant in St. Petersburg was opened in 2009. Its production capacity is up to 100,000 cars per year. In 2021, 43,000 cars rolled off its assembly line. Basically, the company produced crossovers Qashqai and X-trail.

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