Nissan raises full-year profit forecast to $3.5 bn

 Nissan said Monday it was raising its full-year net profit forecast to $3.5 billion, thanks to cost cutting efforts and a cheaper yen, AFP reports. 

The Japanese automaker said it expected to make a profit of 420 billion yen ($3.5 billion) in the year to March 31, up from from an earlier forecast of 405 billion yen.

Nissan's announcement came as it said net profit for the nine months to December rose 23.6 percent year on year to 338.8 billion yen.

Operating profit for the term jumped 39.0 percent to 417.9 billion yen on sales of 8.09 trillion yen, up 11.1 percent from the previous year.

For the year to March, the company is expecting to earn an operating profit of 570 billion yen on sales of 11.15 trillion yen, also marking increases from earlier projections for 535 billion yen and 10.80 trillion yen respectively.

Solid US sales, cost-cutting programmes and favourable currency movements contributed to the robust earnings, said president and chief executive officer Carlos Ghosn.

"Nissan delivered solid financial results in the first nine months of the fiscal year, reflecting rising US sales of our latest models and a normalising yen-dollar exchange rate," he said in a statement.

"We anticipate good full-year results as our product offensive and positive momentum in North America and Western Europe offsets volatility in other markets.

"Given these trends, along with the continuing impact of currency movements and cost controls, we are today revising upward our full-year financial forecast."