Nissan posts increased, and decreased, profit numbers

Nissan posted a 14% drop in quarterly net profit ($939M) vs. one year ago, despite a 10.7% increase in operating profit ($1.85B). Depending on what side of the domestic/import fence you sit on, you can choose the number that brings joy to your life. Blame some of the disparity on new Japanese accounting rules, which brought about a one-time charge of about $264M, and changes to its employee pension fund that required about $300M in additional funding. Sales for the quarter grew 12.6% worldwide and 18.1% in the US market. Nissan is sticking to its profit projections of a 1% increase in operating profit for the fiscal year, stating that increased material costs, exchange rates, and competitive market conditions will continue to take their toll.