Japanese automaker Nissan announced a 15% plunge in quarterly profits as the higher yen drove up prices.
The Yokohama-based company reported earnings of 72,3 billion yen, down from 85 billion yen in the same quarter in 2011. Worldwide sales rose 2,6 percent. Nissan chairman Carlos Ghosn celebrated the increase in sales, which occurred despite "adverse economic conditions" thanks to its range of models, including the electric car Leaf.
Japanese automakers have been hurt by the strong yen eroding profits on cars made in Japan and then sold overseas. The company, despite the slide, appears to be holding its own, and recently raised its earnings forecast for the year ending March 2013 from 290 billion to 400 billion yen. In fact, the company can count on increased demand from emerging markets, such as China. Nissan is the best-selling brand in China, Russia and India.
