TOKYO — Nissan Motor has posted a net loss of 671 billion yen ($6.2 billion) for the year ended in March as the new coronavirus outbreak devastated sales.
The annual financial result exceeds the company’s net loss of 233 billion yen for the 12 months ending in March 2009, a year marked by the global financial crisis. It lost 684 billion yen in fiscal 1999 amid a restructuring plan initiated by former boss Carlos Ghosn.
Nissan in April warned it would fall into an annual net loss of up to 95 billion yen because of the effects of the coronavirus pandemic. It also said this could be revised, with additional provisions, after the company assessed its midterm plan.
The automaker recorded a 319 billion yen net profit the previous year.
Nissan did not give any earnings guidance for the current year as it is still unclear how demand will rebound in the wake of the pandemic.
Analysts estimate a net loss for Nissan of 180 billion yen for the current fiscal year, according to FactSet, as the company deals with restructuring and ongoing turmoil from the coronavirus outbreak.
These are Nissan’s first results encompassing a full 12-month period since the departure of former chairman Ghosn in November 2018.
They come a day after Nissan and alliance partners Renault and Mitsubishi Motors revealed plans to make their global operations more efficient, turning away from a focus on sales growth.
The automaker sold 4.79 million vehicles in its latest financial year, the second decline in a row and a drop of 13% from last year.
Nissan’s annual sales were 9.87 trillion yen, down 14.6% from the year ended in March 2019.