Nissan upgrades outlook after posting 114.5 billion yen Q1 net profit

Japanese carmaker Nissan logged a 114.5 billion yen net profit for the three months to June, prompting it to upgrade its annual outlook from 60 billion yen net loss to a 60 billion yen net profit for the year to March 2022.

Nissan suffered a 285.6 billion yen net loss in the same period last year.

The carmaker's quarterly sales surged 71 percent to 2.0 trillion yen, leading it to forecast stronger annual sales.

The firm has faced a series of challenges in recent years, from weak demand during the pandemic to the fallout from the arrest of former boss Carlos Ghosn.

While Nissan could still return to the black in the current fiscal year, analysts say the global chip shortage may cloud its outlook.

Chip supply disruptions were worsened by a fire at a Japanese factory, an extreme cold snap in the US, and a drought in Taiwan.