Nissan net profit plunges by 92.9%

(Press TV) -- Japan's third-largest motor company, Nissan, has posted a 92.9 percent fall in profits due to week sales in the six months ending in September.

Nissan Motors, owned 44 percent by Renault, says it gained a net profit of 9.0 billion yen ($100 million) in the first half of the year compared with 126.3 billion yen in the same period a year earlier.

The company, however, said that it had scaled down its full-year loss forecast following rising sales in China and government incentives for fuel-efficient cars.

Nissan chief executive, Carlos Ghosn, said the company would continue its struggle to cope with the global economic crisis.

"We continue to operate in an environment that is volatile and uncertain," said Ghosn, adding his company's performance since January was 'encouraging'.

"Our outlook will remain cautious until we see evidence that economic recovery can be sustained in world markets," said Ghosn, who also heads Renault.

Nissan has taken various measures, including the axing of 20,000 jobs, to reduce costs.