Nissan full-year net profit more than halves to near-decade low

Nissan forecast a further decline in profit as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn. (AP)
Updated 14 May 2019
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Nissan full-year net profit more than halves to near-decade low

  • Sales fell 3.2 percent with operating profit down for a third straight year
  • For the year to March 2020, Nissan said its net profit would nearly halve further to ¥170 billion

TOKYO: Crisis-hit Nissan on Tuesday revealed full-year net profits at a near-decade low and forecast a further decline as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn.
The Japanese firm’s bottom-line profit for the fiscal year to March fell 57.3 percent to $2.9 billion (¥319.1 billion), the lowest since 2009-2010 when the company was struggling in the wake of the global financial crisis.
Sales fell 3.2 percent with operating profit down for a third straight year, said Nissan — which is allied with France’s Renault and fellow Japanese carmaker Mitsubishi Motors.
The results were in line with its downward revision announced last month.
For the year to March 2020, Nissan said its net profit would nearly halve further to ¥170 billion with sales projected to fall 2.4 percent.
The results came as ex-chairman Ghosn, now released on bail, awaits his fate after prosecutors hit him with a fourth set of charges over alleged financial misconduct.
Among other accusations, authorities suspect he siphoned off around $5 million for his personal use from money transferred from Nissan to a dealership in Oman.


British Airways to resume Pakistan flights next week after a decade

Updated 23 May 2019
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British Airways to resume Pakistan flights next week after a decade

  • BA halted service to Pakistan in the wake of the 2008 Marriott Hotel bombing in Islamabad
  • BA will begin the London Heathrow-Islamabad service with the Boeing 787 Dreamliner

ISLAMABAD: British Airways will resume flights to Pakistan next week a decade after it suspended operations following a major hotel bombing, becoming the first Western airline to restart flights to the South Asian country.

BA halted service to Pakistan in the wake of the 2008 Marriott Hotel bombing in the capital Islamabad that took place during a period of devastating Islamist militant violence in Pakistan.

Security has since improved, with militant attacks sharply down in the mainly Muslim country of 208 million people, reviving Pakistan as a destination for tourist and investors.

“The final touches are coming together for the airline’s return ahead of the first flight on Sunday June 2,” British Airways said in a statement. It will launch a three-per-week service to London Heathrow, it said.

“We’re on board,” Pakistani Civil Aviation spokeswoman Farah Hussain said about the flights resumption.

BA, which is owned by Spanish-registered IAG, will begin the London Heathrow-Islamabad service with the airline’s newest long-haul aircraft, the Boeing 787 Dreamliner.

At present, only loss-making national carrier Pakistan International Airlines (PIA) flies directly from Pakistan to Britain, but its ageing fleet of planes is a frequent source of complaints by passengers.

Middle Eastern carriers Qatar Airways, Etihad Airways and Emirates have a strong presence in Pakistan and have been eating into PIA’s dwindling market share. Turkish Airlines also lays on a regular service to Pakistan.

Islamabad has been running international advertising campaigns to rejuvenate its tourism sector, which was wiped out by Islamist violence that destabilised the country following the Sept. 11, 2001 attacks in the United States and the U.S.-led war in Afghanistan.

“We hope customers in both the UK and Pakistan will enjoy the classically British service we offer, with thoughtful bespoke touches,” Andrew Brem, Chief Commercial Officer at British Airways, said in BA’s statement.

BA said there will be a halal meal option in every cabin and the airline would also ensure sauces in every meal do not contain alcohol or pork.