Japanese car maker Nissan has reported an annual drop of more than 20% in net profit for its latest quarter due to the impact of the devastating March 11 disasters on production and a strong yen.
The April-June quarter saw heavy production disruptions after the earthquake and tsunami triggered parts and power supply shortages. Nissan posted a net profit of 85 billion yen ($1.04 billion) in the period. It took a $270m once-off loss due to production disruption.
Operating profits for its first financial quarter were down just over 10% as the strong yen affected profitability. Nissan stuck to an earlier forecast for an annual net profit of 270 billion yen.
Globally, Nissan sold a total of 1,056,000 vehicles in the quarter, up 10.6% compared with the same period in fiscal 2010.
'Our rapid recovery from the natural disasters in March once again shows the power of Nissan in responding effectively and decisively to crisis,' said Nissan president and CEO, Carlos Ghosn in a statement.
