Japanese car maker Nissan has said its net profits slumped by 11% in the year to March, the first drop in annual earnings under chief executive Carlos Ghosn. Nissan reported net profits of just under $4 billion, though revenue rose by 11%.
Nissan predicted a rebound in profits in the current fiscal year to March 2008, though revenue was expected to fall.
Ghosn said in a statement that the current year would would be a better one for Nissan, although rising raw material costs, energy prices and interest rates all posed risks to the outlook.
He said Nissan would push back its target of selling 4.2 million vehicles in the fiscal year March 2009 by a year. Ghosn is credited with turning round the loss-making company after joining it in 1999.
The company struggled in particular last year in its home market Japan, where sales slumped 12% to 740,000 vehicles and its market share shrank 1.2 percentage points to 13.2%. In the US, Nissan's sales dropped 4%.
