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| Nissan cuts annual profit forecast | Nissan cuts annual profit forecast |
| (35 minutes later) | |
| Japanese car-maker Nissan has cut its earnings forecast, saying it is feeling the pinch of tougher market conditions and recent recalls. | Japanese car-maker Nissan has cut its earnings forecast, saying it is feeling the pinch of tougher market conditions and recent recalls. |
| It now expects to make a net profit of 355bn yen ($3.6bn; £2.2bn) for the year to 31 March 2014, down from its earlier forecast of a 420bn profit. | It now expects to make a net profit of 355bn yen ($3.6bn; £2.2bn) for the year to 31 March 2014, down from its earlier forecast of a 420bn profit. |
| The cut comes despite a rise in profit for the April-to-September period. | The cut comes despite a rise in profit for the April-to-September period. |
| The firm said that conditions in Europe remained "sluggish" while demand in emerging markets had been "volatile". | |
| "Nissan's results reflect improved demand for our new products in Japan and the Americas," Carlos Ghosn, chief executive of Nissan said in a statement. | "Nissan's results reflect improved demand for our new products in Japan and the Americas," Carlos Ghosn, chief executive of Nissan said in a statement. |
| "This was offset by difficult conditions in Europe, volatile demand in several emerging markets and higher expenses related to recalls." | "This was offset by difficult conditions in Europe, volatile demand in several emerging markets and higher expenses related to recalls." |
| Nissan's net profit for the six months to the end of September rose 6.5% from a year ago to 189.8bn yen. | Nissan's net profit for the six months to the end of September rose 6.5% from a year ago to 189.8bn yen. |
| The company also announced management changes, which it said were "designed to enhance Nissan's performance and ensure the company will deliver the 8% operating profit margin target set out in the Power 88 mid-term plan". | |
| Under the changes, Toyota's chief operating officer (COO), Toshiyuki Shiga, will become a vice chairman with responsibility for external affairs, asset management and corporate governance. | |
| The office and functions of the COO will be reorganised among three senior executives, the company. |