YOKOHAMA (dpa-AFX) - Nissan Motor Co., Ltd (NSANF.PK, NSANY.PK) reported that its first-quarter net income to owners of parent fell by 94.5% year-on-year to 6.4 billion yen. Earnings per share was 1.63 yen compared to 29.62 yen. Operating profit was 1.6 billion yen, down 98.5%.
First-quarter revenues were 2.37 billion yen, a decline of 12.7% from prior year. Nissan's global unit sales decreased 6.0% to 1.23 million units.
On a management pro forma basis, which includes the proportionate consolidation of results from Nissan's joint venture operation in China, operating profit was 40.1 billion yen, and net income was 6.4 billion yen.
Nissan said it will reduce its global production capacity by 10% by the end of fiscal year 2022. Also, the company will reduce headcount by roughly 12,500. Nissan will lower the size of its product lineup by at least 10% by the end of fiscal 2022.
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