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Asia

Nissan reports drop in profit, taking stake in Mitsubishi

Associated Press
Published | Updated
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    Nissan Motor Co. President and CEO Carlos Ghosn speaks during a press conference in Yokohama, near Tokyo,, Thursday, May 12, 2016. Nissan, which is taking a 34 percent stake in scandal-ridden Japanese rival Mitsubishi Motors, suffered a 40 percent plunge in January-March profit as sales dipped and currency perks faded. (AP Photo/Eugene Hoshiko) (The Associated Press)

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    Image 2 of 3

    Nissan Motor Co. President and CEO Carlos Ghosn speaks during a press conference in Yokohama, near Tokyo,, Thursday, May 12, 2016. Nissan, which is taking a 34 percent stake in scandal-ridden Japanese rival Mitsubishi Motors, suffered a 40 percent plunge in January-March profit as sales dipped and currency perks faded. (AP Photo/Eugene Hoshiko) (The Associated Press)

  • bab6334d-
    Image 3 of 3

    Nissan Motor Co. President and CEO Carlos Ghosn speaks during a press conference in Yokohama, near Tokyo,, Thursday, May 12, 2016. Nissan, which is taking a 34 percent stake in scandal-ridden Japanese rival Mitsubishi Motors, suffered a 40 percent plunge in January-March profit as sales dipped and currency perks faded. (AP Photo/Eugene Hoshiko) (The Associated Press)

TOKYO – Nissan, which is taking a 34 percent stake in scandal-ridden Japanese rival Mitsubishi Motors, has suffered a 40 percent plunge in January-March profit as sales dipped and currency perks faded.

Nissan Motor Co. reported a 71 billion yen ($651 million) profit for the quarter Thursday. It had a 119 billion yen profit the same period of 2015.

Quarterly sales edged down 1.2 percent to 3.25 trillion yen ($29.8 billion).

For the fiscal year, Nissan's profit rose 15 percent to 523.8 billion yen ($4.8 billion).

The Yokohama-based automaker forecast a 525 billion yen ($4.8 billion) profit for the fiscal year through March 2017.

Chief Executive Carlos Ghosn announced Nissan will invest 237 billion yen ($2.2 billion) to become the top investor in Mitsubishi Motors by purchasing newly issues shares.