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Nissan reports better than forecast results

Nissan Motor Co has announced its financial results for the fiscal year 2009, ending March 31, 2010.

Net revenues were 7.5173 trillion yen (£48.86bn euro 57.3bn), which was down 10.9% from the prior year, although the stronger yen offset the increase in sales volume.

Operating profits were 311.6 billion yen (£2.27bn); while ordinary profits were 207.7 billion yen (£1.51bn); and net income was 42.4 billion yen compared to negative 233.7 billion yen in fiscal year 2008.

The full-year results were better than the forecast given when third-quarter financial results were filed on February 9, 2010.

Significant contributors to the positive performance compared to last year were sales volume growth in emerging markets, especially in China, and the effective execution of recovery plan actions to counter the effects of the global financial and economic crisis.

"Fiscal year 2009 was an extremely challenging year. Within Nissan, we kept our focus on recovery, guided by our company's recovery plan," said Nissan president and CEO Carlos Ghosn.

"Though we are still operating in crisis mode, Nissan is well on track toward complete recovery without any compromise to our strategic priorities."

Nissan sold a total of 3,515,000 vehicles worldwide in fiscal year 2009, a 3% increase compared with the prior year.

In Europe, however sales were 517,000 units, down 2.4%.

"Although we continue to operate in an environment that is volatile and uncertain, fiscal year 2010 will be an important year in which we launch an affordable, mass-market, all-electric, zero-emission vehicle, extend our presence in emerging markets and develop additional synergies in the Renault-Nissan Alliance," said Ghosn.

The global sales forecast for fiscal year 2010 is 3.8 million units, an increase of 8.1%.

Nissan will launch 10 all-new products globally, including the Nissan LEAF zero-emission car.

Nissan will continue with its recovery plan, which focuses on revenue growth, tight cost management and free cash flow generation.

The company aims to complete its recovery in fiscal year 2010.

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