YOKOHAMA, Japan: Crisis-hit Japanese automaker Nissan said Thursday its net profit plunged more than 87 percent for the nine months to December as it struggles with weak demand and fallout from the arrest of former boss Carlos Ghosn.
Nissan revised downwards its full-year sales and profit forecasts but warned that the impact from the spreading coronavirus crisis was not yet included in their figures.
Net profit for April-December dropped 87.6 percent to ¥39.3 billion ($358 million), on sales down 12.5 percent at ¥7.5 trillion for the period.
The profit decline was mainly due to weak sales in the United States as well as Japan, where the impact of the nation’s sales tax hike hit auto demand, the company said in a statement.
Nissan, which downgraded annual forecasts three months ago, said its bottom-line profit was now forecast to be ¥65 billion for the fiscal year to March 2020, compared with an earlier estimate of ¥110 billion.
Full-year sales are estimated at ¥10.2 trillion, down from a previous forecast of ¥10.6 trillion.
It was Nissan’s first earnings announcement since Ghosn dramatically jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges.
Nissan downgrades forecasts as 9-month net profit plunges
https://arab.news/2afr3
Nissan downgrades forecasts as 9-month net profit plunges
- Profit decline was mainly due to weak sales in the United States as well as Japan
- Bottom-line profit now forecast to be ¥65 billion for the fiscal year to March 2020
Free trade negotiations between GCC, India mark a new phase of partnership, says secretary-general
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
