Nissan profits down 20% after quake

Nissan’s quarterly profit dropped 20% as Japanese car makers took a battering from the earthquake and tsunami disaster which disrupted production and destroyed dealerships.

A soaring yen and rising material costs also helped to drag net profit for the fiscal first quarter down to 85 billion yen (€754m) from 106.6 billion yen (€946m) in the April-June quarter last year, Nissan Motor Co said today.