Nissan Motor Co. last month announced its financial results for the first half of the fiscal year ending March 31, 2006, as well as second-quarter performance.

In the six months up to September 30, net income after tax totalled ¥230.7 billion (€1.69 billion), down 3.4 per cent compared with the same period last year due to one-time charges in the first quarter.

The charges related to a change in Japanese accounting standards for the treatment of fixed assets and the introduction of Nissan's defined contribution pension plan.

Net revenues amounted to ¥4.491 trillion (€32.95 billion) in the April-to-September period, up 12.1 per cent compared with a year ago. Operating profit totalled ¥411.5 billion (€3.02 billion), up two per cent, while Nissan's operating profit margin came to 9.2 per cent. Ordinary profit amounted to ¥395.6 billion (€2.9 billion), down 1.4 per cent.

"Despite the severe business environment, Nissan's fundamentals continue to strengthen thanks to appealing products and a competitive cost structure," Nissan president and CEO Carlos Ghosn, who also heads Renault, said.

"Taking into account the risks and opportunities, we see no compelling reason to change our initial financial forecasts for the full fiscal year."

In the first half, Nissan sold a total of 1,834,000 vehicles worldwide, up 15 per cent compared with last year. Nissan released two all-new models in Japan during the period - the Serena minivan and the Otti minicar - and plans to launch three additional new models in Japan and one in Europe in the second half.

In the July-to-September quarter, Nissan's net income totalled ¥125 billion (€0.92 billion), an increase of 8.1 per cent. Net revenues amounted to ¥2.346 trillion (€17.21 billion), up 11.5 per cent compared with a year ago.

Operating profit totalled ¥205.2 billion (€1.51 billion), down 5.5 per cent, while Nissan's operating profit margin came to 8.7 per cent. Ordinary profit amounted to ¥184.8 billion (€1.36 billion), down 16.7 per cent.

Nissan sold a total of 955,000 vehicles worldwide in the second quarter, up 15.6 per cent compared with the prior year.

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