Nissan narrows first-half net loss on cost cuts

Detailed summary

Japanese carmaker Nissan Motor has logged a first-half net loss for the second year in a row. But the company says the amount of red ink was reduced by cost-cutting and a weaker…

Japanese carmaker Nissan Motor has logged a first-half net loss for the second year in a row. But the company says the amount of red ink was reduced by cost-cutting and a weaker yen.

Nissan announced its consolidated financial results for the six months ending in September on Wednesday.

Sales jumped 8.8 percent from the same period last year to 6.07 trillion yen, or about 38 billion dollars.

The company's group net loss was 39.7 billion yen, narrowing from a deficit of 221.9 billion yen a year earlier.

Nissan cut its forecast for unit sales in the full fiscal year ending in March.

The company had expected to sell 3.15 million units globally but now sees the number at between 2.97 and 3 million units. It cites intensifying competition in China due to a growing shift to new energy vehicles.

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