Nissan says profit fell more than 50% last quarter

Nissan says its profit from July to September has halved from its previous year's sales, with sales and brand power crumbling after the arrest of former President Carlos Ghosn.

Nissan Motor Co. reported on Tuesday that its second-quarter fiscal profit totaled 59 billion yen ($ 541 million), down from 130 billion yen.

Quarterly sales fell nearly 7% to 2,6 trillion yen, with vehicle sales dropping worldwide including the United States, Europe and Japan.

Ghosn, arrested in November of 2018, is on bail. It is unclear when his trial can begin.

He faces a number of allegations, including underreporting of promised compensation in documents and breach of confidence in bad payments.

Nissan was also charged and reiterated its promise to improve governance, corporate culture and ethical standards.

Source: Asahi

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