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Nissan Annual Profits Jump 27%

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Nissan’s annual profits jump 27%, boosted by better sales in China, the US and Europe.

The company had net profits of 663.5 billion yen ($5.8 billion) in the year to the end of March.

However, Nissan forecast profits would drop by about 20% this financial year, partly due to currency fluctuations.

Earlier this week rival Toyota reported a fall in annual profits for the first time in five years, and warned this year risked being tougher still.

Nissan has slashed its full-year profit forecast by 20 percent after car sales slumped in China amid anti-Japanese protests

The yen has been strengthening against the dollar and this tends to hurt Japanese auto makers as it reduces profits repatriated from overseas.

Globally, Nissan sold a total of 5.63 million cars across the year, with the biggest jump in sales being its 8.4% growth in China. Sales were up by 4.2% in the US while sales in Europe excluding Russia were up by 7.2%.

The new financial year at Nissan also marks a new era of leadership, with Carlos Ghosn stepping down as chief executive but remaining as chairman.

Hiroto Saikawa, who was Nissan’s co-chief executive, now has the top job.

Hiroto Saikawa joined Nissan in 1977, and since 1999 has served in a number of senior management positions, including overseeing operations in the Americas and Europe.