Japanese automaker Nissan reported Tuesday that its July-September profit tumbled to half of what it earned the year before as sales and brand power crumbled following the arrest of its former chairman, Carlos Ghosn.
Yokohama-based Nissan Motor Co.’s fiscal second quarter profit totaled 59 billion yen ($541 million), down from 130 billion yen in 2018.
Quarterly sales slipped nearly 7% to 2.6 trillion yen ($24 billion) including in the key U.S., European and Japanese markets.
Also Tuesday, Nissan slashed its full year profit forecast through March 2020 to 110 billion yen ($1 billion), from the earlier estimate of 170 billion yen ($1.6 billion), citing poorer sales and unfavorable currency rates. A recovery is coming, officials said.