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Ghosn scandal hits Nissan bottomline, profit drops 50% to near-decade low

AFP | PTI/Tokyo 14 May 19 | 02:36 PM

Crisis-hit Nissan on Tuesday revealed full-year net profits at a near-decade low and forecast a further decline as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn.

The Japanese firm's bottom-line profit for the fiscal year to March fell 57.3 per cent to 319.1 billion yen ($2.9 billion), the lowest since 2009-10 when the company was struggling in the wake of the global financial crisis.

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Sales fell 3.2 per cent with operating profit down for a third straight year, said Nissan -- which is allied with France's Renault and fellow Japanese carmaker Mitsubishi Motors. The results were in line with its downward revision announced last month.

For the year to March 2020, Nissan said its net profit would nearly halve further to 170 billion yen with sales projected to fall 2.4 per cent.

The results came as ex-chairman Ghosn, now released on bail, awaits his fate after prosecutors hit him with a fourth set of charges over alleged financial misconduct.

Among other accusations, authorities suspect he syphoned off around USD 5 million for his personal use from money transferred from Nissan to a dealership in Oman. Ghosn denies that charge and insists he is innocent of all allegations against him.

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