Nissan Motor Company’s net profit in the fourth quarter of the past fiscal year was 106.9 billion yen (equivalent to $798 million), up significantly from 14.2 billion yen (about $106 million ) of the previous year.
Quarterly sales jumped 36% to 3,097 billion yen ($23 billion), amid easing supply shortages of computer chips and other parts caused by social restrictions related to the coronavirus pandemic.
Shares of the company rose 5.4% in morning trading in Tokyo on Friday, the biggest jump on a daily basis since June.
Chief Executive Makoto Uchida told reporters the automaker is readying all-solid-state batteries for its electric models as the world moves rapidly towards zero-emission green technology.
He acknowledged serious challenges but promised to increase Nissan’s profitability, especially in key markets like China.
He added that a medium-term plan will be defined later this year to “transform Nissan into a truly healthy and resilient company, with the aim of achieving sustainable growth and financial stability”.
For the fiscal year ending March 2024, Nissan expects to make a profit of 315 billion yen ($2.4 billion). These sales, if realized, would be a record for Nissan.
It would also mark an improvement of more than 221.9 billion yen ($1.7 billion) in reported profit for the fiscal year ending in March, up 3% from the prior year.
Sales totaled nearly 10.6 trillion yen ($79 billion) for the fiscal year ending March, up nearly 26% year on year, according to Nissan, which is headquartered in the coastal city. from Yokohama.
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