Nissan cuts full-year forecasts as China row dents sales
Demand for Nissan, Honda and Toyota Motor cars in China was virtually halved due to protests in a row over disputed islets in the East China Sea. Nissan is the most exposed among Japanese carmakers, with China accounting for 27 percent of its vehicle sales.
Nissan and its China joint venture sold 64,300 vehicles in China in October, down 41 percent from a year earlier. China is the company's biggest volume market.
The average forecast of 25 analysts by Thomson Reuters I/B/E/S was for Nissan to earn annual net profit of 378 billion yen. Thomson Reuters StarMine's SmartEstimate, which places greater emphasis on timely forecasts by top-rated analysts, forecast 360 billion yen.
July-September net profit rose 7.7 percent to 106 billion yen ($1.32 billion), Nissan said on Tuesday, despite lower than expected car sales in the United States and Europe. That was well ahead of an average estimate for 91.4 billion yen by seven analysts polled by Thomson Reuters I/B/E/S.
Nissan trimmed its 2012 China sales forecast to 1.175 million vehicles from a previous 1.35 million. Globally, it said it now expects to sell 5.08 million vehicles in the year to end-March, down from a previous estimate for 5.35 million.
We are gradually seeing signs of recovery (in China). Customers are gradually coming
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